MEXICO CITY: Citigroup Inc chief executive officer Jane Fraser says that the United States bank is busy preparing to fully separate its former Mexican retail consumer business.
The new executives in charge of that operation have another message: “We’re busy turning it around”.
The sons of Grupo Financiero Banamex chairman Fernando Chico Pardo met with dozens of investors last week in New York City.
Andres and Felipe Chico Pardo were pitching investors about how they’re pushing the Mexican bank to lend more aggressively and gain back market share lost under Citi’s decades-long management of the storied Banamex brand, according to people familiar with the meetings, who asked not to be identified discussing private conversations.
Chico Pardo’s purchase of a 25% stake in Banamex in late 2025 was the beginning of a new era for the lender, as Citigroup took a major step to back away. — Bloomberg
