Citi to exit consumer banking in Mexico

Citi announced Tuesday it will exit its Mexican consumer banking business, the latest reorganization effort to steer the US financial heavyweight towards higher-return ventures.

The bank plans to cease operations in Mexico in consumer, small business and middle-market customers, but will maintain an institutional client business in the country.

Chief Executive Jane Fraser said the move was consistent with a  "strategy refresh" that included earlier moves to pare back consumer banking in other overseas markets.

"Citi is uniquely positioned to support cross-border capital markets activity and trade flows in and out of Mexico for our institutional clients," Fraser said.