Citibanamex has been operating in Mexico for more than 20 years, but the history of the National Bank of Mexico (Banamex) dates back 137 years.
This Tuesday, Citigroup announced that it will exit its Citibanamex consumer banking business in Mexico; For this reason, we recount the history of this bank in the country and how it became part of the group.
National Bank of Mexico Foundation
Banco Nacional de México (Banamex) was born on June 2, 1884 with the merger of Banco Mercantil Mexicano and Banco Nacional Mexicano.
Banamex growth in the 20th century
The first significant change for the organization came in September 1991, when the group was acquired by a group of investors headed by the main shareholders of Actions y Valores de México, SA de CV Casa de Bolsa, with which Grupo FinancieroBanamex was formed. -Accival . During the following years, various subsidiaries were integrated, including Afore Banamex and Seguros Banamex.
Privatization of Mexican banking
In 1992, during the Salinas de Gortari administration, the Mexican bank, which at that time belonged to Extado, was privatized. According to data from the National Autonomous University of Mexico (UNAM), during the Salinas government 18 banks were sold, including Banamex, Bancomer Serfin, Comermex and Somex.
Acquisition of Citigroup: becomes CitiBanamex
More than a century after the birth of Banamex, in 2001, Grupo Financiero Banamex-Accival was acquired 99.99% by Citigroup.
Subsequently, the subsidiaries of Grupo Financiero Citibank were merged, founding Grupo Financiero Banamex .
In 2016, Banamex announced that it would begin operating under the name Citibanamex, that same year, the directors of the bank and Citigroup assured that the change of company name was not aimed at the sale of the Mexican subsidiary.
At that time, it was also announced that the bank would make a historic investment of 25,000 million pesos to renew its image, technological platform, open new branches and ATMs, improve after-sales service and the construction of the digital bank.
Citigroup sells to Banamex
On Tuesday, January 11, 2022, Citigroup announced that it will exit its Citibanamex consumer banking business in Mexico.
This means that I know, the branches and customer accounts, the cultural heritage that includes buildings in the Historic Center (such as the Iturbide palace), the payroll credit business, cards, mortgages, auto, SMEs, as well as the Afores and insurance business.
Citibanamex pointed out that the objective is for the entire exchange to be done in a single transaction, that is, it does not want to sell in parts.
