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.
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