Citi’s announcement that it will sell Citibanamex – its large consumer business in Mexico – is confirmation that there will be no exception to CEO Jane Fraser’s corporate-focused international strategy.
The US firm’s approach to its non-US business has long been clear; indeed, it was first deployed by Fraser in Latin America when she was CEO of the region for Citi. The bank then sold off its retail operations around the region – with sales in Honduras, Nicaragua and Peru, followed by Costa Rica, Panama, Guatemala and El Salvador, and latterly the larger businesses in Argentina and Brazil.
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