June 1, 2001
Citigroup's acquisition of Banamex, the second-largest bank in Mexico (see story, page 39), has transformed Victor Menezes into one of the most powerful financiers in Latin America. The takeover also cements his growing power within Citibank where he was recently named chairman and CEO with special responsibility for the bank's business in 79 emerging market countries. At $12.5 billion, the Banamex purchase is by far the largest such investment Citigroup has ever made.
Overnight, the deal catapulted Citibank into the largest bank in Mexico and doubled its profits in Latin America to about $2 billion a year. The decision to buy Banamex is a bold commitment to Mexico and to emerging mark
Victor Menezes, CEO and chairman of Citibank, is overseeing the bank's expansion in fast-growing regions. He began his Latin American career in the '80s and knows the region's perils well.