Banamex to Retain 22 Million Clients, Citi with 2 Thousand in Transition

After the separation of Citi and Banamex as part of the sale of the Mexican bank by the American consortium, Banamex will retain 22 million clients while Citi will have 2 thousand clients in a smooth transition. Manuel Romo, the general director of Citibanamex, provided this information in an interview ahead of the 87th Banking Convention taking place in Acapulco, Guerrero. It is not yet decided whether the initial public offering to divest from Banamex will take place in the United States stock market or in Mexico, but the focus is currently on separating the institutions without affecting clients.

Romo mentioned that the announcement by Citibanamex that Claudia Sheinbaum, Morena’s candidate for the Presidency of the Republic, would not attend a meeting did not affect their relationship. The bank is looking to turn the page and engage in dialogue with her. In terms of economic outlook, Romo emphasized the need to capitalize on opportunities in the current global context, attributing the country’s growth potential to existing foundations rather than to a single government’s efforts.

Looking ahead to 2024 in economic and banking matters, Romo expects lower growth due to structural issues but remains optimistic about stability and future growth potential. He highlighted the importance of nearshoring opportunities for Mexico and the historic significance of the separation of Citi and Banamex, with Banamex retaining 22 million clients and Citi taking on 2 thousand corporate clients in the transition. The focus now is on ensuring a seamless transition for clients without changes to terms, conditions, benefits, or offers.

Regarding the pending separation and potential IPO, Romo stated that the focus is currently on the separation process, with decisions about the stock market for the IPO to be made later. When asked about the government’s foundation for future growth, Romo highlighted the country’s strengths built over generations rather than attributing it solely to a single administration.

Looking ahead to the challenges facing the next administration, Romo emphasized the importance of addressing Mexico’s needs and expressed willingness to support and collaborate with whoever leads the new government. He also mentioned ongoing discussions with Claudia Sheinbaum to create a space for dialogue with Citibanamex’s counselors. The goal is to establish a relationship for mutual benefit and address the country’s needs in collaboration with political leaders.