The general director of the American Citigroup, Jane Fraser, affirmed that putting Banamex up for sale -after the announcement of the exit of its consumer and corporate banking businesses from Mexico made known last January 11- was a difficult decision, but that care will be taken that the new owner is the best option for everyone.
It was a very difficult decision that involved mixed feelings, because I know first-hand the National Bank of Mexico,” he said.
During his participation, remotely, in the 30th Plenary Meeting of Citibanamex Advisory Councilshighlighted that this institution goes far beyond its function as a financial intermediary.
“(It is) the emblematic bank of the country, the main innovator and hotbed of the best bankers and bankers; a key player in the payment system, and a relevant player in practically all banking segments; the one with the greatest national and regional presence and, without a doubt, the one with the greatest commitment to society and each of the communities where it is present. As a consequence of the above, a widely recognized and admired brand, “explained Fraser.
He added: “it has been a privilege to be an important part of Banamex’s history”.
Jane Fraser pointed out that since citithey will make sure that the new owner of Banamex be a group that understands everything that the institution means. “His great business legacy and his tremendous commitment to communities; and continue with the care and dissemination of its cultural heritage”.
In this sense, he stressed that care will be taken to ensure that it is the best decision not only for shareholders, but also for customers, employees, the financial system and all of Mexico.
He stressed that the sale process will be carried out with absolute transparency and professionalism, promptly reporting any relevant aspect, and in close collaboration with the regulators of both the United States and Mexico, in addition to strictly adhering to the applicable legal provisions.
Clients will not be affected
The director of citi at a global level, he underlined that the clients of Banamex they can have the absolute certainty that they will not be affected in any way during the process, so their assets are safe and the conditions of their credits do not change.
“We trust that this decision is the best for everyone: for Citi, for its shareholders, for Banamex, for our employees and for customers,” he emphasized.
He considered that the legacy of Banamex not only will it remain, but it will grow and continue to play an important role in supporting families, businesses and promoting the progress of the country.
Mexico continues to be a priority market
Jane Fraser reiterated that after a long and in-depth review and analysis of its global strategy, citi concluded that it should focus its efforts on businesses aligned with its main strengths and competitive advantages.
However, he stated that Mexico continues to be a priority market for the US financial group.
“Our confidence in the future of the country is as strong as ever, and Mexico will be a destination for global investments and trade flows in the coming years,” he said.
In this regard, he stressed that citi will continue to invest in Mexico, operating its corporate and private banking businesses, with a local banking license. “We trust that in many cases, we will be able to continue supporting their companies and attending to their patrimonial needs.”
Necessary taxes will be paid
The Mexican Ernesto Torres Cantú, director of citi for all of Latin America, explained for his part that with the sale of Banamexthe taxes that have to be paid will be paid.
“But nothing can be defined until we know the sale price and the structure of the sale,” he said.
who was director of Citibanamexexplained that the process would take up to two years, since the buyer is determined first, and then come the regulatory actions, system issues and the approval of the Federal Competition Commission, which take longer.
He affirmed that there are several interested parties, and that the value of the bank is put in the sale process, but that it will be in accordance with what the group considers it to be worth.
kg