Citi to Exit Consumer, Small Business and Middle Market Banking Operations in Mexico
11 Janeiro 2022 - 06:11PM
Business Wire
Advances Strategic Goals to Invest in
Businesses Aligned with Core Strengths, Simplify Operations and
Drive Long-Term Shareholder Value
Citi to Maintain Significant Presence and
Investment in Mexico through its Institutional Clients Group
Further Focuses Citi’s Consumer Banking
Business on Global Wealth as well as Payments & Lending and a
Targeted Retail Presence in the U.S.
Citi today announced that it intends to exit the consumer, small
business and middle market banking operations of Citibanamex as
part of its strategic refresh. Citi will continue to operate a
locally-licensed banking business in Mexico through its global
Institutional Clients Group. Citi has operated in Mexico for more
than a century and the country will remain among Citi’s top
institutional markets outside of the U.S. Citi will continue to
invest in and grow those institutional banking operations, along
with its Private Banking franchise.
Citi CEO Jane Fraser 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 – we’ll
be able to direct our resources to opportunities aligned with our
core strengths and competitive advantages, focus on businesses that
benefit from connectivity to our global network, and we will
further simplify our bank.”
Fraser continued, “Mexico is a priority market for Citi – that
will not change. We expect Mexico to be a major recipient of global
investment and trade flows in the years ahead, and we are confident
about the country’s trajectory. Citi is uniquely positioned to
support cross-border capital markets activity and trade flows in
and out of Mexico for our institutional clients and we will
continue to make material investments in our institutional
operations and market-leading hub there.”
Citi’s planned divestitures of its consumer businesses across
Mexico, Asia and Europe are aligned with the repositioning of its
consumer operations to focus on wealth centers globally as well as
payments and lending and a targeted retail presence in the U.S.
Banco Nacional de México is a leading bank in Mexico with an
iconic brand and rich history. Citi has made meaningful investments
in this business over the course of the last two decades, greatly
enhancing its digital and mobile banking capabilities,
strengthening its technology infrastructure, modernizing its branch
and ATM network, deepening relationships with key customer segments
and advancing its financial inclusion efforts.
“The strategy refresh Citi has undertaken will result in a
stronger, more focused bank,” said Mark Mason, Citi’s Chief
Financial Officer. “We will execute a targeted consumer strategy,
double down in wealth, and focus on our higher-returning
institutional businesses where we have competitive advantages. Our
emphasis is on opportunities where our global network uniquely
positions us to support clients who are growing and facing an
ever-changing set of complex dynamics around the world.”
The businesses in the intended exit include the Mexico consumer
and small business banking operations, reported as part of Citi’s
Global Consumer Banking segment, as well as the Mexico middle
market banking business, reported in Citi’s Institutional Clients
Group segment. The Mexico consumer and small business banking
operations included in the intended exit represent the entirety of
the Latin America Global Consumer Banking unit. In the first three
quarters of 2021, the businesses Citi intends to exit together
accounted for approximately $3.5 billion in revenue, $1.2 billion
in earnings before tax, $44 billion in assets, and $4 billion in
average allocated TCE.
Additional information about the operations Citi intends to exit
in Mexico will be included in the 2021 fourth quarter earnings
report on January 14, 2022. A link to Citi’s Current Report on Form
8-K filed today regarding the exit can be found here.
The method and timing of Citi’s exit from its consumer, small
business and middle market banking operations in Mexico, which
could include a sale or a public market alternative, will be
determined by Citi and will be aligned with its objectives of
maximizing shareholder value and strengthening both the businesses
that Citi will exit and those it will retain. The exit process is
subject to various conditions and approvals, including applicable
regulatory approvals in both the U.S. and Mexico.
Certain statements in this press release are “forward-looking
statements” within the meaning of the rules and regulations of the
U.S. Securities and Exchange Commission (SEC). These statements are
based on management’s current expectations and are subject to
uncertainty and changes in circumstances. These statements are not
guarantees of future results or occurrences. Actual results and
capital and other financial condition may differ materially from
those included in these statements due to a variety of factors.
These factors include, among others, consummation of the intended
exit, such as satisfying various conditions and approvals,
macroeconomic challenges and uncertainties and local banking
conditions; the incurrence of unexpected charges or expenses; the
impact of the accounting for currency translation adjustments
related to the affected businesses; and the precautionary
statements included in this press release. These factors also
consist of those contained in Citi’s filings with the SEC,
including without limitation the “Risk Factors” section of Citi’s
2020 Form 10-K. Any forward-looking statements made by or on behalf
of Citi speak only as to the date they are made, and Citi does not
undertake to update forward-looking statements to reflect the
impact of circumstances or events that arise after the date the
forward-looking statements were made.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220111006067/en/
Media: Jennifer Lowney, (212) 793-3141 Investors: Jennifer
Landis, (212) 559-2718 Fixed Income Investors: Thomas Rogers, (212)
559-5091
Citigroup (NYSE:C)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
Citigroup (NYSE:C)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024