Preserving the Best of Both
Having learned much from its last acquisition of a Mexican bank, Citigroup appears to have neatly and efficiently woven Banamex into its global franchise.
Citigroup enjoys a reputation as the world's most profitable
financial services group. It prides itself on its global reach.
But it is not easy maintaining that position and the bank is
always on the lookout for acquisitions that will give it a
dominant presence in new markets. In the past few years, it and
has snapped up an average of one financial asset per month.
Less than six
months after announcing their merger,
Citigroup and Banamex launched their integrated
retail bank in Mexico.
Citigroup's biggest emerging markets acquisition occurred
last May when the bank announced that it was buying Grupo
Financiero Banamex-Accival, Mexico's most profitable bank.
Citigroup wasted no time assembling its master plan to merge
its Citibank division in Mexico with Banamex. Less than six
months later, the two banks launched their integrated retail
banking system in Mexico.
"The organization has been in place up to a very...
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