Citigroup plans to exit Mexico retail banking

Bloomberg

Citigroup Inc is planning to exit retail-banking operations in Mexico — where it has its largest branch network in the world — as part of CEO 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. “The decision to exit the consumer, small-business and middle-market banking businesses in Mexico is fully aligned with the principles of our strategy refresh.”
The move comes after Fraser last year announced she would exit 13 markets across Asia and Europe as part of her push to simplify Citigroup and focus on more-lucrative businesses.
The units included in the intended exit in Mexico have about $44 billion in assets and take up about $4 billion in average allocated tangible common equity.