The Ministry of Finance and Public Credit (SHCP) assured that it will take care of Mexico’s interests at all times during the Banamex sale operations by Citigroup, a group that announced its exit from retail banking business in the country.
The agency pointed out that the departure of such a large consumer bank poses sensitive issues to the tax and regulatory authorities, which will be dealt with in a rigorous and demanding manner. Within these issues, special attention will be paid to market concentration. Through a statement, they confirmed that Citigroup will maintain its wholesale corporate banking activities in our country, which will imply new investments. In addition to ensuring that the sale of Banamex does not affect the confidence of the institution in Mexico.
“We consider significant and relevant the position they have expressed regarding Mexico will continue to be a key market and an important global investment destination, endorsing their confidence in our country”, Treasury pointed out. They also disclosed that Citigroup gave timely notice of the sale of its assets to the Mexican tax authorities. However, for reasons of confidentiality and in order not to cause speculation in the market, they did not make it public previously. “The president of the group, Jane Fraser, personally came to Mexico to explain this decision, and emphasized that Citigroup will maintain its wholesale corporate banking activities in our country. He pointed out that it is a corporate decision derived from its general policy of leaving consumer banking in almost all countries, except the United States ”, can be read in the notice.This policy is consistent with its departure, from 2021, from most nations in Europe, Asia and the rest of Latin America.They explained that the measure is in line with the historical evolution of this bank and emphasized that Citigroup’s priority has always been corporate banking, “until the mergers it carried out in the 1990s, so the bank returns to its business traditional worldwide, in which it has always performed successfully”, they concluded.
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