BANAMEX IS regularly touted as one of Citi’s most prized possessions. Latin America was the only region to make a profit for the group – albeit just $6 million – in the dark days of the fourth quarter of 2008, with Banamex leading Citi’s Latin retail presence. And in 2009, despite intense pressure to raise funds, Citi showed itself determined to hang on to its wholly owned subsidiary.
As Citi emerges from the crisis, its love affair with Banamex is far from over. In January, Manuel Medina-Mora, the long-term chief executive of the Banamex banking group, was promoted to become chief executive of consumer banking for the Americas and chairman of Citi’s global consumer council. Yet as Medina-Mora moves up Citi’s global hierarchy on the back of his successes in Mexico, some are asking: Is Banamex really as successful as Citi likes to think?...
