Skip to main content

If you work for Citigroup’s Mexican retail bank and you really, really don’t want to get vaccinated against COVID-19, Jane Fraser has some good news for you:

Citigroup Inc. is planning to exit retail-banking operations in Mexico -- where it has its largest branch network in the world -- as part of Chief Executive Officer Jane Fraser’s continued push to overhaul the firm’s strategy.

The lender will keep its institutional businesses in the country, according to a filing Tuesday. The exit could ultimately take the form of a sale or a public-market alternative, and will be subject to regulatory approval, Citigroup said.

The move follows Citi’s bidding hasta mañana to its Philippine business last month, and ensures that along with coronavirus, it need no longer fear another nasty bout of banking Montezuma’s revenge. Or does it?

“Mexico is a priority market for Citi -- that will not change,” Fraser said in a separate statement.

Boy, Jane, you’ve got a funny way of showing it.

Citi to Exit Mexico Retail Banking, Its Biggest Branch Network [Bloomberg]
Citigroup Continues Consumer-Banking Pullback With Philippine Sale [WSJ]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.


jane fraser 2

Bonus Watch ’21: Citi CEOs

Jane Fraser gets a raise, but is still making only two-thirds as much as her peers.

jane fraser 2

Jane Fraser May Soon Be The Boss, But It’s Still Woman’s Work

You don’t think a bank doing well would hand the reins to someone so conspicuously lacking in a penis if it were doing well, do you?

jane fraser 2

All Hail The Queen

Of course, Jane Fraser should remember what happened to the last Queen Jane.


Citi Mexico Unit Has Final Bout Of Montezuma’s Revenge

Banamex USA’s final gift to Mike Corbat is a $97.4 million bill from Jeff Sessions.


Marianne Lake's Destiny Is Now A Footrace

Michael Corbat promotes Jane Fraser to heir apparent at Citi, meaning Jamie Dimon better retire if he wants to make herstory.