What does the Condusef say about the sale of Citibanamex and its impact on users

A man exits a Citibanamex bank branch in Mexico City, Mexico January 13, 2022. REUTERS/Gustavo Graf
A man exits a Citibanamex bank branch in Mexico City, Mexico January 13, 2022. REUTERS/Gustavo Graf

Last Tuesday, January 11, Citi Group announced that will exit its Citibanamex consumer banking business in Mexico, so they would step aside from all businesses related to services of a smaller financial scale in the country once the sale is completed.

This movement has not gone unnoticed by any sector, since it has generated movements in the stock market, various analyzes by specialists and doubts in the users of the bank, who could suffer damages after the sale of the financial business group.

The National Commission for the Protection and Defense of Users of Financial Services (Condusef) also issued comments in this regard, since there is all kinds of speculation regarding the effects that the more than 22 million customers they have in their wallet.

Citigroup announced that it will exit its Citibanamex consumer banking business in Mexico (Photo: REUTERS/Henry Romero)
Citigroup announced that it will exit its Citibanamex consumer banking business in Mexico (Photo: REUTERS/Henry Romero)

The commission stated that “it is extremely important that the bank’s clients and users know that the sales process does not imply doing it in a fragmented manner”, with the aim of implying that Bank functions for the general public will not be cut while a buyer is found.

“It is a brand that is worth a lot, it has almost 22 million clients and, due to its size, is considered a systemically important institution. The sale operation will be, as they say, a “business in progress”, operating, doing business, improving and serving people as it has always done and therefore, your customers don’t have to worry”, the institution pointed out through a statement.

In the same text they stated that Citibanamex positioned itself at the end of 2021 as the bank with “higher level of resolution in favor of the user”, a statistic that is used to assess performance with customers, since it also maintained a low rate of complaints and with little delay in dealing with a complaint.

The Condusef urged Citibanamex clients not to worry about the future sale (Photo: CUARTOSCURO.COM)
The Condusef urged Citibanamex clients not to worry about the future sale (Photo: CUARTOSCURO.COM)

Below this line, the Condusef will continue to attend any type of request, complaint or clarification that is related to the bank, before and even after the sale of Citibanamex, for which he reminded users that the institution has the obligation to maintain the entire operation for the time being.

“It is necessary to point out that the bank, must comply day by day with all the regulations that apply to the banking sector and that supervisory authorities such as the National Banking Commission and Securities, the Bank of Mexico and her own Secretary of Finance They must participate stealthily and directly in this entire sales process, taking care of the interest of the public and their clientele,” he said.

In short, the commission will take on all kinds of problems associated with its capabilities, since it has the objective of empower users of financial services through advice and defense mechanisms, which in this case would revolve around the operation of Citibanamex.

(Photo: CUARTOSCURO.COM)
(Photo: CUARTOSCURO.COM)

Businesses on the way out Citibanamex planned include the consumer and small business banking operations in Mexico, as part of the segment of Global Consumer Banking of Citi, as well as the middle market banking business in the country, reported in the segment of the Institutional Clients Group of Citi. The Mexican small business and consumer banking operations included in the expected outflow represent the entirety of the Global Consumer Banking in Latin America.

Citi informed that additional information about the operations that Citi intends to close in Mexico will be included in the earnings report for the fourth quarter of 2021 on January 14, 2022 and specified that the exit process will be subject to various conditions and approvals, including regulatory approvals. applicable both in the US and in the country. Citigroup bought Banamex’s assets in 2001 and has since offered different products to its clients.

KEEP READING:

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