Mexico and City Group Explore Economic Cooperation Opportunities

President Claudia Shinbam discussed the opportunity to cooperate with City Group CEO Jane Frezer on Monday, in which the Bank could support the Mexican president’s economic development efforts.

Fraser joined City’s International President Ernesto Torus CanteAs part of his tour of his countries Where The International Investment Bank and Financial Service operates.

“Chatting with President Shinbam, expressing confidence in both City and Panamex in the country’s perspectives, and always confirming our commitment to Mexico,” Fraser said. In a statement.

Shinbam posted A brief message on social mediaPraise the “big opportunities” of the bank administrator’s “intelligence” and the “great opportunities” waiting for Mexico. He described the fresh crowd as production, referring to the debate on “various projects that promote economic growth and equal social growth.”

Their reports have not been mentioned by the City’s proposed initial public supply (IPO), its retail bank hand, since Dec.

City Group’s decision to sell Panamex By the late 2024, it was part of a major change by Chief Executive Officer Fraser to improve the performance of the bank.

In 2001, City bought Panamex, one of Mexico’s oldest and most valuable bank brands for $ 12.5 billion. According to The Financial Times NewspaperCittipanmex struggled to compete in the dominant market for other foreign debt providers and fell to its fourth place due to poor management, swollen costs and US regulatory obstacles from Mexico’s second largest bank.

In January 2022, the City Group began attempts to sell Panamex and closed almost a USA Billion 7 Billion Agreement With Grubo Mexico – owned by a company Mexican Billioner German Loria – In February 2023.

After this transaction intervened in May 2023, after the then President Andres Manuel Lopas Oprador intervened, workers would complicate this process by requirement of workers, such as demanding safety protection for workers.

Following City’s decision to pursue an IPO instead of selling Panamex, he floated the idea that the Mexican government would enter the auction process if any other agreement was not fulfilled. The government sparked that idea It selects a “different path” for a few months late and without providing more details.

April 6, The Federal Finance Ministry has authorized City Mexico As the new financial group of the bank. Grubo Finanzero City Mexico, its official name, oversees the bank and its brokerage operations in Mexico.

With reports from Economist And Universal