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.