Citigroup announced that it will end its operations in the consumer banking business in Mexico in 2022, marking the end of two decades of this project with Banamex. Therefore, it is planned to split CitiBanamex into two independent financial entities.
The Banamex company will focus on consumer banking; while Citi Mexico will prioritize serving institutional clients.
This process has generated uncertainty and multiple doubts among the users of this bank because they do not know exactly what the repercussions will be on their bank accounts, cards, and credits.
The separation is scheduled for December 2, 2024, and according to Banamex itself, it will continue its 139-year history in Mexico, while Citi Mexico will continue to grow and strengthen as a global bank with a presence in 95 countries.
In June of this year, Citi’s global director, Jane Fraser, reiterated that Mexico will continue to be an important country for the American financial institution, once it separates and concludes the sale of Banamex.
Citigroup will have a different focus, as it will focus on institutional banking, offering services to companies, investors, and other businesses, not only locally but internationally.
What will happen to CitiBanamex accounts?
Banamex announced that the bank accounts of all users will continue to operate normally, and there will be no changes for its clients after the separation of both companies.
Regarding the credits granted by the Mexican bank, they must continue to be paid within the terms specified by Banamex, without any monetary variation or payment dates.
CitiBanamex has been clear with users that its operations will continue to function normally, without any affectation.
However, it invites account holders to visit one of its branches or contact the assistance channels in case they notice any irregularity.
December 2nd will be the first day of the separation of Banamex and Citi Mexico, but the first working day for the entire company will not begin until Monday, December 2nd, 2024.
Just in August, Banco de México (Banamex) made some changes to its organizational chart, announcing new positions in its workforce.
The sale of Banamex through the stock market is estimated for 2025, while Citi began the process of separating its retail business in Mexico, with which since May the change of facilities of the employees who will remain in Citi Mexico began, to its new building also located in Santa Fe, near the Banamex corporate facilities.
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