President Claudia Sheinbaum discussed the opportunities for collaboration with the CEO of Citigroup, Jane Fraser on Monday, including the way the bank can support the economic development initiatives of the Mexican president.
Fraser was joined by Ernesto Torres Cantú, chief of Citi of the InternationalAs part of his nations tour Or The multinational Investment Bank and Financial Services Company operates.
“It is always an honor and a privilege to discuss with President Sheinbaum, to express the confidence that Citi and Banamex have in the perspectives of the country and to confirm our commitment to Mexico”, Fraser said in a press release.
Sheinbaum posted A brief message on social networksPraising the “intelligence” of the bank’s executive and the “great opportunities” awaiting Mexico. Fraser has described Reunion as productive, noting discussions on “a variety of projects that promote economic growth and fair social development”.
Their statements do not mention the initial public offer proposed by Citi (IPO) of Banamex, its retail banking branch from which it separated on December 1, 2024, after having operated as Citibanamex for more than 20 years.
Citigroup’s decision to sell Banamex At the end of 2024, was part of the radical overhaul undertaken by the CEO Fraser to improve the performance of the bank.
Citi acquired Banamex, one of the oldest and most prestigious banking brands in Mexico, for 12.5 billion US dollars in 2001. According to the newspaper, the Financial TimesCitibanamex struggled to compete in a market dominated by other foreign lenders and fell from the second largest bank in Mexico to its fourth due to mismanagement, swollen costs and American regulatory constraints.
In January 2022, Citigroup began its efforts to sell Banamex and almost closed a United States Speaker of $ 7 billion with Grupo México – a conglomerate belonging to German Mexican billionaire Larrea – In February 2023.
The transaction failed in May 2023 after the president of the time, Andrés Manuel López Obrador, interfered, complicating the process by requiring pro-Labor concessions, such as demanding death protections for workers.
According to Citi’s decision to continue an IPO instead of selling Banamex, López Obrador launched the idea that the Mexican government would conclude the tender process if no other agreement is materialized. The government has scuttled this idea Barely a few months, opting for a “different path” without providing more details.
April 6 The Federal Ministry of Finance has authorized the creation of Citi México Like the new financial group of the bank. Grupo Financialo Citi México, its official name, will supervise the bank and its brokerage operations in Mexico.
With reports from The Economist And The universal
