Citi’s broader strategy to exit consumer banking in 14 markets is advancing, with sales already closed in nine markets. Credit: OleksSH/Shutterstock.

Citi has announced the successful division of its Mexico operations into two distinct financial groups.

Effective 1 December, Grupo Financiero Citi Mexico caters to institutional clients, while Grupo Financiero Banamex focuses on consumer, small, and middle market businesses.

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Grupo Financiero Citi Mexico will continue to serve institutional clients through Banco Citi Mexico and Citi México Casa de Bolsa, offering banking, markets, services, and wealth management.

Citi’s local team, with around 3,000 employees, will serve approximately 2,000 clients, leveraging its global network and over 125 years in Latin America.

Julio Figueroa, Citi Latin America cluster and banking head, oversees Grupo Financiero Citi Mexico and Banco Citi Mexico, with Alvaro Jaramillo as the Citi country officer and banking head for Mexico.

Grupo Financiero Banamex, on the other hand, encompasses Banco Nacional de Mexico and offers retail banking  including wealth management, consumer loans, and commercial banking products.

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It aims to serve nearly 20 million clients through its digital platforms, extensive branch network, and over 9,100 ATMs.

Ignacio Deschamps chairs Grupo Financiero Banamex and Banco Nacional de Mexico, with Manuel Romo as CEO.

Ernesto Torres Cantu continues as a board member for both entities. This group also retains over 39,000 employees.

Citi CEO Jane Fraser said: “This separation represents an important milestone in our simplification and brings us closer to our long-term vision of a more connected bank that is focused around our core strengths.

“We are proud to have executed this process thoughtfully and with full transparency. Our commitment to our clients in Mexico is as strong as ever, and we will continue to connect Mexico and the world through our market-leading investor and corporate client platforms.”

Citi’s broader strategy to exit consumer banking in 14 markets is advancing, with sales already closed in nine markets. The wind-downs in China, Korea, and Russia are nearing completion.

In October this year, Citi formed a multi-year partnership with Google Cloud to enhance its technology infrastructure through cloud migration and AI.