Citigroup Inc. is planning to exit retail-banking operations in Mexico, where it has its largest branch network in the world -- as part of Chief Executive Officer Jane Fraser’s continued push to overhaul the firm’s strategy. The exit could ultimately take the form of a sale or a public-market alternative, and will be subject to regulatory approval, Citigroup said. “The decision to exit the consumer, small-business and middle-market banking businesses in Mexico is fully aligned with the principles of our strategy refresh." Investors have long pushed executives at the bank to look into exiting the consumer-focused operations in Mexico, where it does business as Citibanamex. The businesses Citigroup intends to exit generated roughly $3.5 billion in revenue in the first nine months of 2021.

Source: Mint January 12, 2022 07:08 UTC