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.
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