January 28, 2022

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Itaú has no plans to bid for the Citigroup México . unit

Itaú has no plans to bid for the Citigroup México . unit

Bloomberg – Itaú Unibanco Holding SA It has no plans to bid for Citigroup Inc’s retail banking operations. (c) In Mexico, according to people familiar with the matter.

Analysts such as Jorge Corrie of Morgan Stanley wrote on Wednesday that Itaú might be interested, and former Itaú CEO and current co-chair Roberto Setúbal had said in 2014 that the Sao Paulo-based bank would consider retailing in Mexico. People said the situation in Itau now is different, and so are the plans.

Itai declined to comment on the matter.

“Our focus today is on improving operations where we already have one,” Itaú CEO Milton Mallohy said in June 2021 during the company’s investor day. “Investing in places where we already have related operations, but without the ambition to grow beyond what we have today.”

Citigroup announced Tuesday that it plans to exit its consumer and small and medium-sized business banking operations in Mexico as Jane Fraser, CEO, is reviewing the New York-based company’s strategy. Citigroup, which will maintain its corporate business in the country, said exiting the deposit-taking business in Mexico could take the form of a sale or alternative in the public market.

In June 2016, less than two years after expanding its operations in Mexico, Itau reached an agreement to sell the brokerage and focus on Latin American countries where It has a larger presence amid a decline in stock sales. Also in 2016, the Brazilian Bank cut its corporate and investment banking presence there.

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