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 Business News | February 2008 
Citigroup Denies Mexico Unit Sale Plans
 Chris Aspin - Reuters
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Mexico City - U.S. bank Citigroup Inc has no plans to sell its Mexico or other Latin American units, the regional chief executive said in an interview published on Tuesday, denying a report last week in the Wall Street Journal.
Manuel Medina Mora told Mexican daily El Universal that Latin America has been the "star region" for the largest U.S. financial group for the last five years in terms of generating profits.
"They are rumors that have no foundation," Medina Mora told the newspaper in an interview.
The Wall Street Journal reported last week that Citigroup is selling or closing some retail branches and consumer finance operations in Asia, Europe and Latin America to focus on more profitable businesses.
The largest U.S. bank is in talks to shed at least part of its Mexican consumer finance unit, which caters to borrowers with imperfect credit, the U.S. newspaper said, citing people familiar with the situation.
Last month, Citigroup Chief Financial Officer Gary Crittenden said Mexico was one of a handful markets where the bank was closely monitoring credit exposure.
(Editing by Dave Zimmerman) |
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