Banamex (Banco Nacional de México)
2001
$12.5B
Why
Citigroup acquired Banamex to become the dominant banking franchise in Mexico, gaining access to the country's growing middle class, remittance flows, and corporate banking market as NAFTA deepened US-Mexico economic integration.
Impact
Made Citigroup the largest foreign-owned bank in Mexico and provided a consumer and commercial banking platform across a country with significant growth potential.
Outcome
Banamex became a core franchise for decades but was eventually sold to Grupo México in 2024 as part of Jane Fraser's simplification strategy to exit consumer banking outside the US.