That crisis passed and Banamex remains part of Citi. “There were all sorts of rumours during the crisis,” says Javier Arringunaga, chief executive of Banamex and Citi’s chief administrative officer for Latin America, refusing to confirm or deny any specific speculation. “But Citi always made it absolutely clear that it had no intentions of selling Banamex. Ten years ago Banamex contributed approximately 5% of Citi’s net income, whereas today it’s more than 10%.”
Banamex reported a net income of Ps5 billion ($401.5
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