(RTTNews) - Citi said that it plans to exit the consumer, small business and middle market banking operations in Mexico as part of its strategic refresh.
Citi, which has operated in Mexico for more than a century, said that it will continue to operate a locally-licensed banking business in Mexico through its global Institutional Clients Group. Citi will continue to invest in and grow those institutional banking operations, along with its Private Banking franchise.
The Mexico consumer and small business banking operations included in the intended exit represent the entirety of the Latin America Global Consumer Banking unit. In the first three quarters of 2021, the businesses Citi intends to exit together accounted for about $3.5 billion in revenue, $1.2 billion in earnings before tax, Citi said in a statement.
Citigroup said in April 2021 that it would exit its consumer-banking operations in 13 countries across Asia and parts of Europe to focus more on wealth management outside the U.S.
The bank then stated that it would exit consumer operations in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Meanwhile, the bank said it would focus its Global Consumer Bank presence in Singapore, Hong Kong, the UAE and London.
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