Citigroup to exit its biggest branch network

A Banco Nacional de Mexico SA (Banamex) Citibanamex bank branch in Mexico City, Mexico, on Wednesday, Jan. 12, 2022. Citigroup Inc. is planning to exit retail-banking operations in Mexico, where it has its largest branch network in the world, as part of Chief Executive Officer Jane Fraser’s continued push to overhaul the firm’s strategy.

NEW YORK: Citigroup Inc is planning to exit retail-banking operations in Mexico – where it has its largest branch network in the world - as part of chief executive officer Jane Fraser’s continued push to overhaul the firm’s strategy.

The lender will keep its institutional businesses in the country, according to a filing. The exit could ultimately take the form of a sale or a public-market alternative, and will be subject to regulatory approval, Citigroup said.

“Mexico is a priority market for Citi – that will not change,” Fraser said in a separate statement.