Last Tuesday, January 11, Citigroup announced that will exit its Citibanamex consumer banking business in MexicoTherefore, they would step aside from all businesses related to smaller financial services in the country once the sale is completed.
This movement has not gone unnoticed by any sector, since it has generated movements in the stock market, various analyzes by specialists and doubts among bank users, who could be affected after the sale of the financial business group.
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) also issued comments in this regard, since there is all kinds of speculation regarding the effects that more than 22 million customers that they have inside their wallet.
The commission stated that “it is extremely important that the bank’s clients and users know that the sale process does not imply doing it in a fragmented manner”, with the aim of implying that the functions of the bank will not be cut for the general public while you are a buyer.
“It is a brand that is worth a lot, It has almost 22 million clients and, due to its size, is considered a systemically important institution. The sale operation will be, as they say, a “business in progress”, operating, doing business, improving itself and serving people as it has always done and therefore, your customers don’t need to worry“Said the institution through a statement.
In the same text, they affirmed that Citibanamex positioned itself at the end of 2021 as the bank with “Higher level of resolution in favor of the user”, a statistic that is used to assess performance with clients, since it also maintained a low complaints rate and with little delay to attend a complaint.
Under this line, the Condusef will continue to attend to any type of request, complaint or clarification that is related to the bank, before and even after the sale of Citibanamex, for which he reminded users that the institution has the obligation to maintain the entire operation for the time being.
“It is necessary to point out that the bank, must comply day by day with all the regulations that apply to the banking sector and that supervisory authorities such as the National Banking Commission and Securities, the Bank of Mexico and own Secretary of Finance they must participate stealthily and directly in this entire sales process, taking care of the interest of the public and their clientele ”, he pointed out.
In short, the commission will take on all kinds of problems associated with its capacities, since it has the objective of empower users of financial services through advisory and defense mechanisms, which in this case would go around the operation of Citibanamex.
Business at the exit of Citibanamex expected include the small business and consumer banking operations in Mexico, as part of the segment Global Consumer Banking of Citi, as well as the mid-market banking business in the country, reported in the segment of the Institutional Clients Group from Citi. The Mexican consumer banking and small business operations included in the planned exit represent the entire unit of Global Consumer Banking of Latin America.
Citi informed that additional information about the operations that Citi intends to close in Mexico will be included in the earnings report for the fourth quarter of 2021 on January 14, 2022 and specified that the exit process will be subject to various conditions and approvals, including regulatory approvals. applicable both in the US and in the country. Citigroup bought the assets of Banamex in 2001 and since then it has offered different products to its clients.