Citi expects to sell Banamex in spring – El Financiero

The process of “separation” between Citi and Banamex to sell the entire retail business will begin immediately, with the sale process expected to begin in the spring of this year, Citi director Jane Fraser confirmed Friday.

In a teleconference to present the results at the end of 2021, from New York, Fraser explained to the investing public that Mexico is a good market, “our expectation is that Mexico will be a major recipient of global investments 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”.

In the event of the sale of the Banamex banking license, which includes the physical and technological infrastructure, the Afore, as well as the cultural heritage under its protection, Fraser considered that the sale process will be a “simple transaction”.

“We have worked in recent years to see how to obtain the best results. The separation process will begin immediately. We expect the sale process to start in spring”, he pointed.

With this, there will be an opportunity to return the outflow of capital to the company, said Fraser, and assured that the sale and exit from the markets in the announced countries is a final decision already made.

Citi’s CFO, Mark Mason, agreed that the sale of Banamex in Mexico is part of a strategy “for get more juice out of franchises With the help of the community, Mexico is a good franchise, it has good returns, obviously there are expenses, but the sale was not a cost decision”.

This Tuesday, the US financial group announced the sale of Banamex and its exit from the entire consumer market, the value according to previous estimates made by specialists is more than 12 thousand 500 to 15 billion dollars.


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