A Regional Sign of the Times

Jul 1, 2003

Citigroup shocked bankers in Mexico and throughout Latin America when it announced its $12.82 billion acquisition of Grupo Financiero Banamex-Accival SA (Banacci) in May 2001. In one fell swoop the world's biggest financial institution took over Mexico's second-largest, but most profitable bank. It was one of biggest acquisitions ever in Latin America. Citigroup's message to other banks across the region seemed clear: it would storm across the region, crushing its competitors. Sandy Weill, chairman and CEO of Citigroup, said Brazil would be the next in line for a major deal. The Banacci acquisition...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management