Citigroup and Banamex have completed their separation in Mexico. The New York-based financial giant has closed its consumer and small and medium-sized business banking operations in the Mexican market. The institution assured that this change will not significantly affect its current clients.
The process began in 2021 and was completed on December 1. “With this separation, Citi will now operate two independent financial groups in Mexico: Grupo Financiero Citi México and Grupo Financiero Banamex“, details the American institution in a statement. The decision is part of a global simplification strategy that the organization led by Jane Fraser has launched. The company has abandoned its consumer business in nine countries. It is in the process of selling this division in Poland. Lockdowns in China, Korea and Russia are virtually over.
Fraser stressed that Citigroup’s commitment to Mexico “is stronger than ever.” He stressed that the divestment was carried out in an orderly, detailed manner and with total transparency. He indicated that the organization will continue to “connect [al país] with the rest of the world through market-leading platforms for investors and corporate clients.” These services will be operated through the Banco Citi México and Citi México Casa de Bolsa brands.
The company will maintain its business lines Banking, Markets, Services and Citi Private Bank. All focused on meeting the needs of other financial institutions, governments, large investors, multinationals and companies seeking to internationalize.
What will happen to Banamex and its clients’ accounts?
Julio Figueroa, director of Banking at Citi Latin America, will chair the Boards of Directors of Grupo Financiero Citi México and Banco Citi México. For his part, Álvaro Jaramillo will occupy the position of general director of Grupo Financiero Citi México and Banco Citi México.
The Grupo Financiero Banamex unit will address the transactions of the National Bank of Mexico, which offers retail banking services. This includes wealth and private banking solutions, consumer credit, mortgage loans, deposits, payroll and payment services. It will also operate business services such as cards, Afores, insurance and pensions.
“Citi continues to actively work on the proposed public offering of shares (IPO) of Grupo Financiero Banamex, the timing of which will depend on regulatory approvals and market conditions to maximize value for shareholders,” the bank said.
Citibanamex operated around 1,300 branches and more than 9,100 ATMs in the Mexican Republic. It had a base of almost 20 million customers in the nation. Banamex has warned that it is possible that malicious agents want to take advantage of the situation to carry out various frauds.
The financial institution clarifies that the client numbers and CLABE accounts remain unchanged. The same happens with Afores and their beneficiaries, debit profiles, credit cards, mortgage financing, loans for small and medium-sized businesses and payroll or investment subsidies. “It is not necessary for clients to carry out any procedure,” he emphasizes.
“If any of our clients receive a call from Banamex, to deliver or update any information, it is a scam. We ask that, if this is the case, they contact our call center to avoid incidents,” says Manuel Romo Villafuerte, director general of Banamex.
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