Update: How Is the Planned Sale of Citigroup's Very Profitable Mexican Consumer Banking Franchise Going?
At the very beginning of 2022, Citigroup (NYSE: C) announced its plans to shed its consumer, small business, and middle-market banking operations within its subsidiary Citibanamex, which also happens to be one of the largest banks in Mexico.
The sale was never going to be easy, but it aligned with Citigroup's transformation plan, which involved selling international consumer banking franchises in order to simplify the bank.
The sale of Citibanamex would also free up significant capital the bank could use to further carry out its transformation and to repurchase stock, ideally while the bank is trading at a beaten-down valuation. Nearly one year after Citigroup announced its intention to sell the unit, let's take a look at how things are going.
Source Fool.com
