Thursday, 22 February 2024
TechSeparation of Citi México and Banamex for the second half of 2024

Separation of Citi México and Banamex for the second half of 2024

MEXICO CITY (apro).- During the second half of next year, the separation of Banamex and Citi México will be completed to remain in two different organizational structures, with independent resources and without duplication of functions, announced the general director of Citibanamex, Manuel Romo. .

This year the license for what will be Citi México was finalized and by the second half of 2024 the total segregation of information between Banamex and Citi México will be complete, the executive indicated in a meeting with the specialized press.

With this division, Citigroup will finalize its exit from retail banking after the frustrated sale of the bank, announced in January 2022.

Banamex will take advantage of its roots in Mexico with its portfolio of 23 million clients, said the top representative of the country’s fourth largest banking entity.

Citi Mexico will be dedicated to leveraging the country’s economic opening and foreign trade, backed by its more than four million dollars that it moves per day, he added.

According to Romo, Mexico’s economic expectations are favorable for the business of the two new entities.

Despite the economic slowdown in the United States, the bank predicts that next year Mexico could have a growth of 2.0% of the Gross Domestic Product, an inflation of 4.28%, a decrease in the interest rate to 8.25% and a rate exchange rate of 19.42 pesos per dollar.

This economic optimism, however, is anchored to the advantages of the so-called “nearshoring” or location of North American companies in Mexico.

Already in 2023, Mexico reached a historical maximum of 16% participation in imports from the United States, surpassing China and Canada for the first time.

The potential is even greater, Romo said: it could add 2.5 to GDP over the next six years and achieve foreign direct investment of up to $50 billion.

But this scenario is anchored to an energy transition towards a low-carbon economy in the face of the consequences of climate change, such as the disaster caused by Hurricane Otis in Acapulco.

In addition to strengthening the rule of law, Romo also mentioned that another challenge for Mexico is closing the gender gap, since difficulties persist for women’s entrepreneurship.

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