What will happen to my Afore after the sale of Banamex

Citigroup will sell the National Bank of Mexico (Banamex), Therefore, after this announcement, doubts began to arise from the customers about the products they have contracted with the Mexican subsidiary, like the Afore Citibanamex, so here we explain what we know.

Citibanamex has a Retirement Fund Administrator (Afore), which at the end of September 2021 managed more than 822 billion pesos from more than 9.6 million managed accounts.

In addition, the weighted return for the last twelve months (LTM) to the same date was 9.97 percent versus 8.32 percent of the industry average.

Board of Governors of the National Commission of the Retirement Savings System (Consar) determined at the end of last year the commissions that Afores are allowed to charge for 2022, in which Citibanamex 0.57 established a percentage of 0.57 percent of the managed balance.

The foregoing is slightly higher than the average of 0.56 percent that the Afore will charge as of this 2022.

The bank offers these services through its Citibanamex app:

  • Check balances and movements
  • Request your Account Statement
  • Domicile Voluntary Contributions
  • Reiístro of the Afore
  • Partial unemployment payments
  • Withdrawal of voluntary contributions
  • Afore account opening for children
  • Data update

How will it affect me if I am a client of Afore Citibanamex?

Yesterday he Corporate Director of Institutional Development, Economic Studies and Communication of Citibanamex, Alberto Gómez Alcalá, informed that they have the instruction that no customer is affected, so they will continue to work normally.

In addition, he explained that customers who have a mortgage or a card, among other products, will continue to be served; since that part will be sold with the mark of Banamex. He also explained that the Citi group keeps the part of institutional clients (patrimonial and corporate banking).

“The instruction is very clear, what we are doing is an announcement, the bank’s daily operation continues, the precise instruction is that no clients are affected, that we continue doing exactly the same, a process that will take several months begins”, He said.

He added that customers will continue to be served on a normal and daily basis.

Therefore, those people who have a Afore With the banking institution they do not have to worry and they should only continue making their contributions as they normally do.

The graduates who are our clients, who are in Afore Citibanamex will be Afore BanamexTo put it that way, it is a great brand, it is sure that it will prevail and they had no reason to see any change ”, he concluded.




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