Background on Jane Fraser and Citi’s Significance
Jane Fraser, the CEO of Citigroup (Citi), an American global financial institution, met with Claudia Sheinbaum, the President of Mexico City, at Palacio Nacional. Citi still owns 75% of Banamex, a significant Mexican bank, and this meeting highlights the ongoing relationship between Citi and Mexico.
Citi’s Commitment to Mexico
During the meeting, Jane Fraser expressed her gratitude to Claudia Sheinbaum for the continuous support of Citi and emphasized Mexico’s importance as one of their key markets. Citi has a deep-rooted history in Mexico, spanning over a century, and remains committed to supporting the country’s long-term economic growth and prosperity by serving businesses and institutions across the nation.
Fraser further highlighted, “We value the leadership of President Sheinbaum and look forward to continuing our collaboration with clients to strengthen investment, promote innovation, and contribute to the country’s economic resilience.”
Sheinbaum’s Perspective on the Meeting
Claudia Sheinbaum described Jane Fraser as “a great woman” following their discussion. The President mentioned that they talked about the positive economic prospects for Mexico.
This meeting is not the first between Jane Fraser and Claudia Sheinbaum this year, as they previously met in April and August.
Citi’s Ongoing Sale of Banamex Stake
Recently, Citi announced the successful closing of a 25% sale of Banamex to Mexican entrepreneur Fernando Chico Pardo, a deal announced in September. This sale comes after receiving all necessary regulatory approvals.
Citi now plans to divest the remaining 75% stake in Banco Nacional de México, likely through an Initial Public Offering (IPO) on the stock market, tentatively planned for sometime in 2026.
“This operation brings us closer to our strategic priority of divesting from Banamex and placing it in the hands of one of Mexico’s most successful investors,” Fraser stated recently. “It also allows us to further strengthen our commitment to our institutional business in Mexico by investing in platforms, talent, and relationships that will solidify our leadership position and drive sustainable growth for our clients and shareholders.”
Key Questions and Answers
- Who is Jane Fraser? Jane Fraser is the CEO of Citigroup, an American multinational investment banking and financial services corporation. She took office in March 2021.
- Why is the meeting between Jane Fraser and Claudia Sheinbaum significant? The meeting signifies the ongoing relationship between Citi and Mexico, with Citi still owning a significant portion of Banamex. It also highlights the importance of Mexico as one of Citi’s key markets.
- What is the status of Citi’s sale of Banamex? Citi has successfully sold 25% of Banamex to Fernando Chico Pardo and plans to divest the remaining 75% stake, likely through an IPO in 2026.
