Mexican Billionaire Salinas Could Buy Citi’s Citibanamex

Mexican billionaire Salinas Pliego says he’s considering acquiring Citibanamex, Citigroup’s Mexican retail banking business, reported PYMNTS.

His comments, made on Twitter on Tuesday, January 11, came hours after reports that Citigroup was closing its consumer, small business and middle market banking operations in Mexico to focus on other areas.

“I have always believed and invested in Mexico and Mexicans. That’s why I’ve asked my team to analyze the convenience of acquiring Citibanamex and to redouble my bet on Mexico, Mexicans and the future,” Salinas tweeted.

“Let them say how much they want for their changarro and [we’ll] see, Citibanamex open from 9 to 9, 365 days a year,” he tweeted.

Changarro means “small shop.” Salinas followed that remark with a smiling sunglasses emoji.

Instead of Citibanamex, Citigroup stated it will operate a locally licensed Mexican business, which will mean a continuation of its operations in Mexico from the last century.

“The decision to exit the consumer, small business and middle-market banking businesses in Mexico is fully aligned with the principles of our strategy refresh — we’ll be able to direct our resources to opportunities aligned with our core strengths and competitive advantages, focus on businesses that benefit from connectivity to our global network, and we will further simplify our bank,” said Citi CEO Jane Fraser in a statement.

Salinas, owner of Banco Azteca, said last year the bank would try to accept cryptocurrencies such as bitcoin.

“Sure, I recommend the use of Bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin, if you need more details or information follow me on my Twitter account,” he said.

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