Banamex is sold in the spring, says Jane Frase, CEO of Citi

Mexico City /

Jane Fraser, executive director of Citigroup, revealed that the process of selling the brand Banamex will start in spring; while the separation of the activities of consumer banking Y with which Citibanamex operates, its subsidiary in Mexico, will be done immediately.

“It’s not going to be a simple transaction. The separation process will begin immediately. We hope that the sale process in spring”, said Fraser in videoconference to present the results of citi from New York.

The first woman to run a bank in wall street reaffirmed that with the sale of the Mexican subsidiary the process that citi started a few months ago withdraw from the retail and corporate banking segments in 13 countries around the world in order to focus on managing high net worth accounts.

“There will be an opportunity to return the capital outflow to our company. This is the final decision of our exit from the markets,” he said.

He added that Citi’s expectation is that Mexico “It will be a major recipient of global investment and trade flows in the coming years. We will significantly maintain the bank’s local license and invest to obtain the highest returns for our institution”.



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