2023-04-26 00:05:09
The sale of Banamex is still in progress, and is still being analyzed “a two-pronged approach to exit the consumer franchise, either through a direct sale o through a public market transaction”explained Jane Fraser, CEO of Citi.
The directive recognized that the sale process of the consumer part in Mexico it took longer than plannedthis during Citi’s 2023 Annual Meeting of Shareholders.
In the virtual meeting with shareholders, he stressed that “the banking system in the United States is strong and continues to be the envy of the world. And, as we saw when the financial system came under pressure, the very strong position of the big US banks allowed 11 of us quickly band together to help stabilize the situation”.
In that process, he said, Citi served as source of stability for the system and support for clients during volatile times.
“We are well positioned to navigate any environment we may face. The turmoil in the banking sector is the latest challenge on a rather long list. Whether it’s inflationary pressures and other impacts of COVID, rapid digitization affecting all aspects of doing business, or geopolitical challenges, Citi continues to be there for our clients, our colleagues, and our communities through thick and thin. bad,” he remarked.
Regarding the exit from various markets of the consumer business, he indicated that they have closed selling seven of themand the last two Asian sales will close at the end of 2023.
How is the sale going in Mexico?
In January 2022, Fraser announced the sale of Banamex. Except for the property businessthe Afore, insurance, retail banking (which includes the credit card segment), mortgage, and payroll divisions will be managed by the new group that acquires the business in Mexico.
To date there are two potential buyers: the mining businessman Germán Larrea and the Mifel Group headed by Daniel Becker.
In the last year, various interested parties have been dropping out of the race. Santander, Banorte, Azteca were some of those who announced their withdrawal from continuing in the purchase process.
According to sources familiar with the matter, both Mexicans are still analyzing the purchase to date, although the US group has also maintained its position of get the best performance in this process, so the sale might be direct to a buyer O well, go to the market
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