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Citibanamex clients will be sold under the Banamex brand to whoever is interested in acquiring them.
The banking institution informed that it would stop providing services to the general public and companies.
Grupo Financiero Citibanamex is the third largest that operates in Mexico, with a total of one trillion 433 thousand 851 million pesos.
Citigroup, a financial services company, announced Tuesday afternoon that it intends to exit Citibanamex’s consumer banking, afore and corporate banking businesses.
In other words, this bank would stop providing services to the general public and companies. However, it will maintain its operations for institutional clients.
Before this announcement of leaving afore business, It is important to note that this bank has a number of 9 million 625 thousand 805 accounts managed by the Afores, according to data from the National Commission of the Retirement Savings System (Consar).
Citigroup, based in New York, has not yet explained what will happen to this number of afore clients, but in the statement revealing their decision, they mentioned that Citibanamex clients will be sold under the Banamex brand to whoever is interested in acquiring a these clients.
“Citi will continue to operate its Institutional Client Business (ICG) with a local banking license. Citi has been operating in Mexico for more than a century and the country will remain one of Citi’s largest institutional markets outside the United States, “he said in a statement.
For his part, the corporate director of institutional development, economic studies and communication of Citibanamex, Alberto Gomez Alcalá, highlighted in a press conference that the intention of its parent company to sell said part of its business will not affect any of its clients, who may continue with their day-to-day operations as long as they are bought by another firm in Mexico.
“Nothing will happen with whoever has a credit or a card. There will not be the slightest impact, “he said.
What will happen to Citibanamex afore clients?
The people who are in afore in Citibanamex, This announcement does not represent an announcement for the collection of commissions, since the Afores who decides to acquire it must respect the commission already charged by the previous bank.
In that sense, specialists point out that bank accounts, as an example, the accounts of workers who save for their retirement will be transferred once the corresponding authorities approve it to another bank and afore.
While in the case of bank accounts, the authorization of the National Banking and Securities Commission (CNVB), of the afore of the National Commission of the Retirement Savings System (Consar), of the Ministry of Finance, Bank of Mexico and Cofece.
Data from the National Banking and Securities Commission (CNBV), Grupo Financiero Citibanamex is the third largest that operates in Mexico, with a total of one trillion 433 thousand 851 million pesos.
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