Condusef: Citibanamex services will continue to work normally

It is not yet known who could acquire the bank. Photo: Getty / Archive

After the announcement of Citi Group to end commercial banking operations in Mexico through its subsidiary Banamex, that is, Citibanamex, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) assured that the users of the bank’s services will be able to continue carrying out their operations with total normality.

In an informative note, the Ministry of Finance and Public Credit (SHCP) explained that the public that has contracted services with Banamex (Citibanamex) You will be able to continue with them without major problem and with the same quality.

“On the part of the Condusef and according to its attributions, a lot of attention will also be paid in the coming months, monitoring that the operation and the offer of its financial products or services remain with the same quality as until now. In short, Citibanamex users will be able to continue carrying out their banking transactions and operations as normal.”

Regarding the announced sale process, the Condusef explained the following:

“The sales process does not imply doing it in a fragmented way; It is a brand that is worth a lot, it has almost 22 million clients and, due to its size, it is considered an institution of systemic importance”.

The sale operation will be, as they say, a “business in progress”, operating, doing business, improving and serving people, as it has always done and, therefore, its customers should not worry, added the agency.

The Citigroup announcement

a couple of days ago, Citigroup announced its intention to end commercial banking operations through its subsidiary Banamex, in a twist of its strategy, the entity announced in a statement.

“The decision to end the activities (in the sector) of the consumer, small business and banking business of the middle market in Mexico is completely in line with the principles of the update of our strategy”, said the president of the group, Jane Fraser.

  • The US bank has also pulled out of Asia and Europe to focus on a wealthy global clientele.

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