Last Tuesday, January 11, Citigroup announced the exit from its Citibanamex consumer banking business in Mexico, thus marking the end of two decades of the last of his projects in this area outside the United States. However, it was not until Friday that the bank released a statement to its users.
Through its official Twitter account, Citibanamex specified to its clients that in order to avoid fraud, the bank will not request to verify data by phone, text message or email, as well as recommended not to share any type of password or key by some of the aforementioned means.
“There are no changes in our operation or in the products and services that are currently contracted with us. Our offices, branches and all our channels will continue to serve you as always. National Bank of Mexico has been operating in our country for 137 years and will continue to do so, as evidenced by its history, tradition, strength and commitment. Your trust and safety are the most important thing for us and for this reason we reiterate our commitment and professionalism in advising, managing your assets and your financial needs”, reads the statement shared by social media.
Citi, based in New York, assured that it will continue to operate its banking business with a local license in Mexico, the second largest economy in Latin America, through a group of global institutional clients.
Through a statement, the executive director of Citi, Jane Fraser explained that “the decision to exit the consumer banking, small and medium business in Mexico is fully aligned with the principles of our strategy update.– We will 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 further simplify our bank.”
In addition, Fraser pointed out that Mexico is a priority market for Citigroup and pointed out that the country is expected to be an important recipient of investments and global trade flows in the coming years.
“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 significant investments in our institutional operations and our market-leading hub there,” explained the banking executive.
At the news, the president Andres Manuel Lopez Obrador (AMLO) spoke about it through a video broadcast on his social networks in which he expressed his wish that “Banamex” is acquired by a Mexican investor What Charles Slim, owner of Inbursa; Ricardo Salinas Pliego, owner of Banco Azteca; or Carlos Hank Gonzalez, owner of Banorte.
I hope this turns into something good. […] without authoritarian measures it is possible to Mexicanize this bank, which was owned by Mexicans […] It could be Mexican investors who stay with Banamex. Return Banamex to Mexico”, declared the Tabascan from his “isolation” in the National Palace accompanied by the Secretary of the Interior (Segob), Adam Augusto Lopez, Y Rogelio Ramirez de la O, head of Finance and Public Credit (SHCP).
However, López Obrador emphasized that his government will not oppose foreign institutions bidding for the firm. He even pointed out that the Monterrey Jose Javier Garza Calderon, founder of the organization Entrepreneurs for the Fourth National Transformation, sent him a message to let him know that, together with other investors, they could buy Citibanamex.