NEW YORK--()--Citi today announced that Manuel Medina-Mora has been appointed Chief Executive Officer of Citi Consumer Banking for the Americas and Chairman of Citi’s Global Consumer Council. Mr. Medina-Mora maintains his role as Chairman and CEO of Citi Latin America and Mexico. Mr. Medina-Mora continues to report directly to Citi CEO Vikram Pandit.
“We are now focused on developing our client franchise in our core businesses. Under Manuel’s leadership, we will build on the progress we have made and execute our consumer strategy across our global consumer banking businesses and fully leverage our unmatched global network and emerging markets footprint.”
In his new role, Mr. Medina-Mora will oversee Citi´s retail branch network, the branded cards business and the local commercial bank in the Americas. In his role as Chairman of Citi’s newly formed Consumer Council, he will be responsible for Citi’s global consumer strategy and work closely with all regional CEOs.
“Citi has built a strong financial and operating foundation for the future,” Mr. Pandit said. “We are now focused on developing our client franchise in our core businesses. Under Manuel’s leadership, we will build on the progress we have made and execute our consumer strategy across our global consumer banking businesses and fully leverage our unmatched global network and emerging markets footprint.”
Mr. Pandit also said: “Manuel is an exceptional banker who has led our franchise in Latin America to a new level. His track record shows consistent results over several years in one of the most dynamic geographies in the emerging world. Our new model -- a global bank for businesses and consumers -- has been successfully implemented under his leadership in Latin America. Manuel brings a unique combination of experience and expertise to lead our consumer business and help Citi achieve sustained profitability and growth.”
Citicorp’s North America Consumer Banking franchise, through its more than 1,000 branches in the United States and Canada, serves close to 12 million retail banking accounts and 25 million branded credit cards. At the end of the third quarter of 2009, deposits reached $139 billion and assets under management were $34 billion. With a presence in eight of the top 10 metropolitan markets in the United States and Canada, Citi’s consumer banking business is one of the leading franchises in North America.
Global Consumer includes branded cards, the retail banking businesses and local commercial banks of Citicorp throughout the world. With a network of close to 4,200 branches in 38 countries, it is present in 60% of the top 150 metropolitan areas in the world. The cards business serves close to 58 million card accounts globally. The retail bank serves more than 46 million customer accounts worldwide. Through September 30, 2009, Global Consumer revenues represented close to 35% of Citicorp’s total revenue. Its deposit base reached $285 billion at the close of the third quarter of 2009.
Manuel Medina-Mora has served as Chairman and Chief Executive Officer of Citi Latin America since 2004. Prior to that, he was CEO of Banamex, a position he has occupied since 1996. He has more than 35 years of experience in Banamex and Citi. Mr. Medina-Mora holds a bachelor's degree in Business Administration from Universidad Iberoamericana and an MBA from Stanford University.
Today, Citi has presence in 25 countries in Latin America, making it the bank with the broadest geographic coverage and one of the largest regional players in terms of loans, deposits, revenues and net income. During the last five years, Citi’s Latin American franchise added more than 600 new branches, 10 million new customers and showed consistent growth in loans, deposits and assets under management. Annualized net income through 2009 has more than tripled from 2002, the first year after Banamex’s integration. During this period, Latin America has represented more than 20% of Citigroup’s net income.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.