Preserving the Best of Both
Feb 1, 2002
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...
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