Citigroup is leaving the Mexican consumer banking market

Citigroup plans to sell its consumer banking business, Citibanamex, in Mexico. The business currently uses $4 billion in fixed assets. The division earned $3.5 billion in revenue and $1.2 billion in pretax earnings in the first nine months of 2021. The decision to sell is part of a strategy to bring profitability and share price momentum in line with peers. The plan is to focus on a targeted U.S. retail presence, global capital management, and payments and lending. The timing of the sale of the unit will depend on regulatory approvals in the U.S. and Mexico.