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The Wall Street Journal: Citigroup to exit consumer and small-business banking operations in Mexico

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.”

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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.

An expanded version of this report appears at WSJ.com.

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