Citigroup: Targeting Leadership in Global Growth
In 2002, Citigroup completed the integration of Banamex, whose acquisition in 2001 had made the company the largest corporate and retail bank in Mexico. The operations in Mexico generated more than US$1 billion in earnings in 2002, placing the country as Citigroup's most profitable outside the US, alongside Japan. However, while results were at top, competitors were starting to crowd in and rivalry between firms was starting to stiffen. In the new circumstances, Citigroup had two options: to focus and invest more in Mexico, or to pursue other growth opportunities.
Collection: IESE (España)
Ref: DG-1439-E
Format: PDF
Number of pages: 18
Publication Date: Oct 8, 2003
Language: English
Description
In 2002, Citigroup completed the integration of Banamex, whose acquisition in 2001 had made the company the largest corporate and retail bank in Mexico. The operations in Mexico generated more than US$1 billion in earnings in 2002, placing the country as Citigroup's most profitable outside the US, alongside Japan. However, while results were at top, competitors were starting to crowd in and rivalry between firms was starting to stiffen. In the new circumstances, Citigroup had two options: to focus and invest more in Mexico, or to pursue other growth opportunities.
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Year: 2000-2002
Geographic Setting: Estados Unidos, México
Learning Objective
How established companies ensure profitable growth.
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