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New York (CNN Business) -
Citigroup ends its consumer banking operation in Mexico as part of a broader strategic shift under the leadership of CEO Jane Fraser.
The bank announced Tuesday that it will abandon the consumer banking, small and medium-sized businesses operations of its Mexican business, Citibanamex.
Citi, which has been operating in Mexico for more than a century, said it will continue to have an institutional presence in the country, focused on its private banking clients.
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Since taking over as CEO in March of last year, Fraser has sought to streamline the bank's operations and bolster investor confidence after years of mismanagement and scandals.
As part of the bank's broader "upgrade," Fraser divested most of Citi's consumer banking operations in Asia to focus more on wealthy customers and the credit card business.
"The updating of the strategy that Citi has undertaken will result in a stronger and more focused bank," said Mark Mason, Citi's chief financial officer, in a statement.
"We will pursue a consumer-driven strategy, double the wealth and focus on our highest performing institutional businesses where we have competitive advantages."
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