February 1, 2001
Citibank is confident that this is the year that its unfortunate acquisition of Mexico's Banco Confía in 1998 will finally start paying.
The Confía saga began drawing to an end on November 30, the last day of President Ernesto Zedillo's six-year presidency. After days of tense negotiations that stretched late into the night, Citibank and the Mexican government reached an 11th hour settlement over the future of Confía. The agreement ended a damaging showdown that reflected poorly on both sides.
Senior Citibank executives and ministers signed the new financing package for Confía hours before Zedillo handed over the sash of office to his successor Vicente Fox o
The bank says its problems with Banco Confía, an ailing Mexican retail bank it bought in 1998, are close to an end. Senior Citibankers say the bank is at last ready to start growing in Mexico.