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Citigroup Inc
Citigroup abandons long-planned sale of Banamex to pursue IPO
...The bank said an IPO of the unit was likely by the end of 2025. Despite the spin-off, Citi plans to retain much of its corporate and institutional businesses in Mexico....
May 24, 2023
Citigroup Inc
Citi nears sale of Mexican bank Banamex despite state interference
...Two of the people with direct knowledge said Grupo México and Citi were discussing the US bank holding on to a stake in Banamex until it could later sell it on in an initial public offering....
February 13, 2023
FT Live
Bank of the Year Awards 2024
Recognising the best in banking globally
Wednesday, 4 DecemberLondon, UK
Citigroup Inc
Citigroup to exit Mexico retail banking in latest global retreat
...“If you look at the recent history of banking in Latin America, the road is strewn with casualties of foreign banks who tried to be the global universal bank or the global consumer bank,” said Conor McEnroy...
January 11, 2022
Banks
Citi’s retail banking exit from Mexico a test of president’s nationalism
...His bank Grupo Financiero Inbursa would also likely face fewer competition hurdles than bigger rivals and possibly benefit from cross-selling between his phone company América Móvil and the bank....
January 16, 2022
HTSIHTSI autumn travel special
Puerto Escondido: Mexico’s hidden gem
...But Oaxaca also ranks among the poorest states in Mexico, and faces a social environment so complex that it’s flagged by the World Bank....
October 29, 2021
Mexico
Mexican lender Banorte falls on planned commissions bill
...Morena says Mexico has the third-highest commission charges in Latin America, with commissions making up a third of income compared with 7 per cent in Colombia, 19 per cent in Bolivia and 21 per cent in...
November 8, 2018
FT Live
Future of Asset Management North America
New models for the next age of fund management
Wednesday, 25 SeptemberNew York, NY, USA
EM SquaredSteve Johnson
Asia to account for 75% of EM index in proposed shake-up Premium content
...If enacted, Brazil’s weight in the MSCI EM index — tracked by an estimated $1.6tn of assets — would fall by 21.8 per cent, with two companies, Grupo Pão de Açúcar, Brazil’s biggest retailer, and Suzano Papel...
February 22, 2018
News in-depthUS & Canadian companies
Networks revamp content in Hispanic ratings war
...Soapy telenovelas that run for unbroken stretches of 120 to 160 episodes are being traded for grittier series such Telemundo’s El Señor de los Cielos, based on the life of a leader of Mexico’s Juárez cartel...
September 17, 2017
Americas companies
Citigroup: once upon a time in Mexico
...The bank, acquired in 2001, is among Mexico’s largest and holds a 16 per cent share of total deposits in the country....
October 5, 2016
Currencies
Markets give muted response to Trump speech
...“He admonished the establishment who were standing right next to him, he expounded the benefits of ‘America First’, and his speech struck multiple notes on protectionism, from manufacturing, trade, jobs,...
January 20, 2017
World
Panama tycoon accused of laundering drug money
...Asian goods worth billions of dollars are distributed across Latin America from the warehouses and businesses in the zone, which a US official once told the New York Times was like “a den of pirates”....
May 6, 2016
Americas companies
US widens probe into Citigroup’s Mexican operations
...The US Department of Justice has issued a subpoena to Banco Nacional de Mexico, Citi’s Mexican arm, asking for information about transactions between the California unit of Banamex and the operations in...
July 24, 2015
News in-depthThe Big Read
Mexico: Clearing out
...The HSBC case helped create a “sanctions paranoia on the part of US authorities”, says the senior Mexican banker, which led to a “brutal form of de-risking . . . and a refusal to do trades that Mexican...
June 14, 2015
Life & Arts
The FT’s summer books 2016
...Caravaggio and the Spanish poet Francisco de Quevedo, with historical asides ranging from the decapitation of Anne Boleyn to the conquest of Mexico....
July 1, 2016
beyondbricsJude Webber
New Mexican bank brand seeks to ‘get it right’
...Luis Niño de Rivera, whom Valenzuela replaces, steered Azteca’s expansion in Mexico, Central and South America, and now becomes vice-president of the Azteca board....
January 17, 2015
FT Live
Infrastructure Investment in Latin America and the Caribbean
Identifying opportunities for investors and asset managers
Wednesday, 12 June237 Park Avenue, New York, NY, USA
US & Canadian companies
Citigroup reshuffles top ranks as Manuel Medina-Mora retires
...Citigroup shuffled its executive team on Monday, a chain reaction of job moves started by the retirement of Manuel Medina-Mora, head of the consumer business, whose standing was hurt by fraud in Mexico....
April 13, 2015
Family businesses
All change: Mexico’s Banorte gets new top brass after conflict
...Here’s Mr Hank on what lies ahead: Today’s changes … will contribute to strengthening the corporate governance of Grupo Financiero Banorte, marking the beginning of a new era of collaboration between all...
November 20, 2014
European companies
Timeline: History of HSBC controversies
...Dec 1999: HSBC Private Bank is established after HSBC Holdings acquires Republic New York Corporation and Safra Republic Holdings. Aug 2002: HSBC buys Grupo Financiero Bital in Mexico....
February 9, 2015
LexBanks
Banorte: all in the family
...The past year has been a bad one (the shares fell by a fifth). But next year holds promise. The US is showing signs of sustained growth and Mexico may be pulled along in the wake....
December 29, 2014
Property sector
Foreign investors vie for licence to drill in Mexico
...Grupo Lala, which launched Latin America’s biggest consumer IPO last year, is keeping markets guessing about what it plans to do with some of its spare cash....
November 17, 2014
US banks
Two fraud scandals at Citi proves too much for Manuel Medina-Mora
...That Mr Medina-Mora could be a casualty of the twin fraud scandals would be a bitter pill for a man whose ambition had expanded beyond Mexico....
October 15, 2014
US & Canadian companies
Head of Citi’s Banamex unit resigns
...His place at the helm of Grupo Financiero Banamex will be taken by Ernesto Torres, who has been at the Mexican bank for a quarter of a century and remains in charge of its consumer business....
October 3, 2014
Americas companies
Mexico exchange names Sacristán as new head
...Mr Ruiz Sacristán, whose twin brother is a former transport and communications minister, served at the helm of Grupo Financiero Bital from 1992 to 2002....
December 2, 2014
Banks
Developing world blazes trail for 2.5bn with no banking access
...It is a weekday morning and a dozen or so women are gathering in the patio of a house in Xochimilco, a working-class district in the south of Mexico City....
July 9, 2014
Capital markets
Ambitious plans to transform Colombia
...In June 2013 Grupo Aval bought Grupo Financiero Reformador of Guatemala for $411m, through its Central America wing, BAC-Credomatic, a credit card issuer that the Colombian group bought for $2bn in 2010....
November 17, 2014

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