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Citi share: Citigroup to discontinue retail banking in Mexico

The major US bank Citigroup is continuing its downward trend by withdrawing from private customer business in Mexico.

Citigroup announced on Tuesday (local time) in New York that the move is part of the ongoing strategic realignment to streamline the group. Mexico remains one of the most important markets for major institutional customers, the company emphasized.

In 2001, Citigroup took over Mexico’s second-largest bank, Grupo Financiero Banamex-Accival, for around 12.5 billion dollars, which later became the focus of investigators on account of fraud allegations. The US financial giant wants to focus on its home market and announced last year that it would give up retail banking in 13 countries, including China, Russia and India.

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NEW YORK (dpa-AFX)

Image source: Radu Bercan / Shutterstock.com, iStock / stepbar, Kiev.Victor / Shutterstock.com

Reference-www.finanzen.at

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