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LatinNews Daily - 3 December 2024

In brief: Citigroup completes separation of Mexican business

*US multinational investment bank and financial services corporation Citigroup Inc has finalised the separation of Mexican retail bank Banamex from its institutional banking business in Mexico, a process first announced in January 2022. In a statement, Citigroup said it will now operate two separate financial groups in Mexico: Grupo Financiero Citi México and Grupo Financiero Banamex. “This separation represents an important milestone in our simplification,” Citigroup CEO Jane Fraser said in the statement. “We will now prepare for the Banamex IPO, focused on optimising value for our shareholders.” According to the statement, Grupo Financiero Citi México will maintain a “significant presence” in Mexico, with a team of around 3,000 employees serving roughly 2,000 clients. Banamex currently caters to nearly 20m clients and has a network of 1,300 branches and over 9,100 ATMs in Mexico. Citigroup states that Grupo Financiero Banamex will include a full-service bank, Banco Nacional de México, offering retail banking, including wealth management services, consumer loans, residential mortgage lending, deposits, payroll services, payments and a full suite of commercial banking products.

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