Citigroup’s Latin Platform

Citigroup’s Latin Platform

Mexico

Talk of a possible alliance between Citigroup and Banamex began last year. In May of last year, Roberto Hernández, chairman of Banamex, Mexico's second-biggest bank, and Manuel Medina Mora, the bank's CEO, went to New York. There they met Sanford Weill, chairman and CEO of Citigroup, and Victor Menezes, Citibank's emerging markets head. The encounter followed the announcement in March by Spain's Banco Bilbao Vizcaya Argentaria that it would buy Bancomer, Mexico's largest bank. A banker present at the New York meeting recalls that, "Everyone was very concerned after the announceme

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