MEXICO CITY.- David Páramo rejected that “the 4T”, as the government of Andrés Manuel López Obrador is known, has run to Citigroup of Mexico and pointed out that those who “don’t know” support that version.
In a video that has made him a trend, he is seen arguing with Ciro Gómez Leyva about the departure of the Citibanamex group from the country and denied that this was caused by government issues.
This is a business decision, it has nothing to do with the government. Those who do not know say that the 4T scares away investments, that the slide has already begun, or that they are fleeing the country, but it is only a business decision,” Páramo told Gómez Leyva.
Why Citigroup leaves Mexico, as explained by David Páramo
After rejecting the government’s expulsion of Citigroup from Mexico, David Páramo explained that it is “a business decision” since he indicates that “they are losing market share”.
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He deepened that a highly competitive market such as retail banking, Citigroup banks such as Banorte, HSBC, Banco Azteca, Multiva, which is why they have withdrawn 13 operations in the world to concentrate on investment banking.
“They no longer liked to dedicate themselves to retail banking, now they go for wholesale,” adds Páramo.
Lastly, he mentioned that Banorte, HSBC and Banco Azteca are emerging as the main candidates to buy Citigroup.