Citi to Exit Customer, Compact Small business and Middle Sector Banking Functions in Mexico

Improvements Strategic Ambitions to Make investments in Companies Aligned with Core Strengths, Simplify Functions and Push Lengthy-Term Shareholder Benefit

Citi to Preserve Considerable Existence and Expense in Mexico by its Institutional Clients Team

More Focuses Citi’s Purchaser Banking Business on World-wide Prosperity as perfectly as Payments & Lending and a Specific Retail Existence in the U.S.

NEW YORK, January 11, 2022–(Company WIRE)–Citi currently announced that it intends to exit the purchaser, compact enterprise and middle marketplace banking functions of Citibanamex as section of its strategic refresh. Citi will go on to function a locally-licensed banking company in Mexico via its world-wide Institutional Clientele Group. Citi has operated in Mexico for additional than a century and the country will remain between Citi’s major institutional marketplaces outside of the U.S. Citi will continue on to spend in and improve people institutional banking operations, alongside with its Personal Banking franchise.

Citi CEO Jane Fraser reported, “The choice to exit the shopper, tiny enterprise and middle current market banking corporations in Mexico is completely aligned with the concepts of our method refresh – we’ll be able to direct our means to possibilities aligned with our main strengths and competitive advantages, target on organizations that reward from connectivity to our global community, and we will further simplify our lender.”

Fraser ongoing, “Mexico is a priority market place for Citi – that will not transform. We assume Mexico to be a main recipient of world wide financial investment and trade flows in the yrs forward, and we are confident about the country’s trajectory. Citi is uniquely positioned to aid cross-border capital markets exercise and trade flows in and out of Mexico for our institutional purchasers and we will go on to make substance investments in our institutional operations and current market-foremost hub there.”

Citi’s prepared divestitures of its purchaser enterprises across Mexico, Asia and Europe are aligned with the repositioning of its purchaser functions to concentration on prosperity facilities globally as properly as payments and lending and a specific retail existence in the U.S.

Banco Nacional de México is a foremost lender in Mexico with an iconic brand and abundant history. Citi has designed meaningful investments in this company above the class of the past two many years, drastically maximizing its electronic and cell banking capabilities, strengthening its engineering infrastructure, modernizing its department and ATM network, deepening relationships with crucial shopper segments and advancing its economical inclusion attempts.

“The system refresh Citi has undertaken will final result in a more powerful, far more targeted lender,” stated Mark Mason, Citi’s Main Economical Officer. “We will execute a targeted consumer technique, double down in prosperity, and concentrate on our better-returning institutional companies exactly where we have competitive benefits. Our emphasis is on options where our worldwide network uniquely positions us to aid clients who are growing and experiencing an ever-shifting set of complex dynamics all around the entire world.”

The corporations in the meant exit include the Mexico purchaser and compact enterprise banking operations, reported as section of Citi’s Global Client Banking phase, as nicely as the Mexico center marketplace banking enterprise, described in Citi’s Institutional Purchasers Team segment. The Mexico shopper and tiny business banking functions provided in the intended exit symbolize the entirety of the Latin America International Buyer Banking device. In the 1st 3 quarters of 2021, the organizations Citi intends to exit collectively accounted for somewhere around $3.5 billion in income, $1.2 billion in earnings just before tax, $44 billion in belongings, and $4 billion in common allotted TCE.

More details about the operations Citi intends to exit in Mexico will be incorporated in the 2021 fourth quarter earnings report on January 14, 2022. A website link to Citi’s Current Report on Variety 8-K submitted today relating to the exit can be observed below.

The method and timing of Citi’s exit from its customer, little company and middle market banking functions in Mexico, which could consist of a sale or a community industry different, will be decided by Citi and will be aligned with its targets of maximizing shareholder price and strengthening the two the corporations that Citi will exit and all those it will retain. The exit course of action is matter to various situations and approvals, which includes relevant regulatory approvals in equally the U.S. and Mexico.

Certain statements in this press launch are “forward-looking statements” within the meaning of the principles and laws of the U.S. Securities and Exchange Fee (SEC). These statements are based mostly on management’s present expectations and are matter to uncertainty and modifications in situations. These statements are not ensures of long run effects or occurrences. Actual outcomes and capital and other fiscal situation could differ materially from those involved in these statements thanks to a wide variety of factors. These things consist of, among others, consummation of the supposed exit, these as fulfilling various situations and approvals, macroeconomic problems and uncertainties and area banking situations the incurrence of surprising charges or bills the effect of the accounting for currency translation adjustments related to the affected corporations and the precautionary statements integrated in this push launch. These factors also consist of all those contained in Citi’s filings with the SEC, which includes with out limitation the “Danger Things” portion of Citi’s 2020 Form 10-K. Any forward-searching statements created by or on behalf of Citi speak only as to the date they are built, and Citi does not undertake to update ahead-wanting statements to reflect the impact of instances or situations that arise just after the date the forward-seeking statements had been made.

About Citi

Citi, the leading international bank, has somewhere around 200 million customer accounts and does enterprise in extra than 160 nations and jurisdictions. Citi delivers shoppers, businesses, governments and establishments with a broad assortment of fiscal products and expert services, together with shopper banking and credit score, corporate and expenditure banking, securities brokerage, transaction providers, and wealth management.

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