Citi to exit Mexican consumer business as part of strategy revamp

Citigroup Inc will exit its Citibanamex consumer banking business in Mexico, the bank said on Tuesday ending its 20-year retail presence in the country that was the last of its overseas consumer businesses.

Citigroup's decision to sell or spin off Citibanamex, Mexico's third biggest bank by assets as of June, is part of chief executive Jane Fraser's strategy to bring Citigroup's profitability and share price performance in line with its peers.

After taking up the top job last year, Fraser pledged businesses, including consumer franchises in 13 markets in Asia, Europe, the Middle East and Africa. While Citigroup's Mexican exit was not