Citigroup Inc. C, +1.64% will exit its Mexico consumer banking business, the latest strategic shift by Chief Executive Jane Fraser.
The bank said Tuesday it would exit consumer, small-business and middle-market banking in Mexico, a business best known as Banamex. Citigroup said the change was part of its continuing “strategic refresh.”
Those businesses accounted for about $3.5 billion in revenue in the first nine months of 2021, Citigroup said, or about 6% of the bank’s total revenue in the period. Citigroup will be keeping its investment banking and institutional businesses in Mexico, as well as the private bank operations.
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