Citigroup’s planned withdrawal from its Mexican consumer and small and medium-sized enterprise banking business has highlighted the tough operating environment in the country as its economy wrestles with the lingering effects of the coronavirus pandemic.
Jump to:
Chief executive Jane Fraser says that the bank wants to focus on wealthy consumers and large corporates in Mexico, and so is withdrawing from a country that she told Euromoney in 2018 that the bank would never quit “because the scale is so significant and, for Citi, it is our second-largest market after the US”.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
