Item 8.01 Other Events.
As part of its previously disclosed strategic review, on January 11, 2022,
Citigroup Inc. (Citi) announced that it intends to exit the consumer, small
business and middle market banking operations of Citibanamex, which would
advance Citi's strategic goals to invest in businesses aligned with Citi's core
strengths, simplify its operations and drive long-term shareholder value. The
businesses in the intended exit include the Mexico consumer and small business
banking operations, reported as part of Citi's Global Consumer Banking segment,
as well as the Mexico middle market banking business, reported in Citi's
Institutional Clients Group segment. The Mexico consumer and small business
banking operations included in the intended exit represent the entirety of the
Latin America Global Consumer Banking unit. Citi will continue to operate a
locally-licensed banking business in Mexico through its global Institutional
Clients Group, which remains important to Citi's global network.
The method and timing of Citi's exit from its consumer, small business and
middle market banking operations in Mexico, which could include a sale or a
public market alternative, will be determined by Citi and will be aligned with
its objectives of maximizing shareholder value and strengthening both the
businesses that Citi will exit and those it will retain. The exit process is
subject to various conditions and approvals, including applicable regulatory
approvals in both the U.S. and Mexico.
Certain statements in this Current Report on Form 8-K are "forward-looking
statements" within the meaning of the rules and regulations of the U.S.
Securities and Exchange Commission (SEC). These statements are based on
management's current expectations and are subject to uncertainty and changes in
circumstances. These statements are not guarantees of future results or
occurrences. Actual results and capital and other financial condition may differ
materially from those included in these statements due to a variety of factors.
These factors include, among others, consummation of the intended exit, such as
satisfying various conditions and approvals, macroeconomic challenges and
uncertainties and local banking conditions; the incurrence of unexpected charges
or expenses; the impact of the accounting for currency translation adjustments
related to the affected businesses; and the precautionary statements included in
this current report. These factors also consist of those contained in Citi's
filings with the SEC, including without limitation the "Risk Factors" section of
Citi's 2020 Form 10-K. Any forward-looking statements made by or on behalf of
Citi speak only as to the date they are made, and Citi does not undertake to
update forward-looking statements to reflect the impact of circumstances or
events that arise after the date the forward-looking statements were made.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
99.1 Citigroup Inc. securities registered pursuant to Section 12(b) of
the Securities Exchange Act of 1934 as of the filing date.
101 See the cover page of this Current Report on Form 8-K, formatted in
Inline XBRL.
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