81 F
Mérida
Tuesday, May 24, 2022
###

Citigroup to sell off Banamex, owner of historic Casa de Montejo 

Latest headlines

Pig farm accused of hiding cenotes and filling them in with cement

A pig farm in the municipality of Homún is being accused of filling in and hiding two cenotes from environmental authorities. 

New augmented reality app tells the story of Mérida’s iconic corner plaques

Mérida´s municipal government is launching a new mobile phone application to tell the story of the city’s iconic Centro corner plaques.

Tortas in the Park: Family carries on the tradition for 63 years 

Taqueria Don Beto in Parque Las Américas. Photo: Carlos Rosado van der Gracht Strolling through charming Parque de...

Kankí, the Maya city where the stone eyes of ancient gods burn as hot as the sun

Kankí may be only 10 miles or so from the Mérida-Campeche highway, but feels a world away.
Carlos Rosado van der Gracht
Born in Mérida, Carlos Rosado van der Gracht is a Mexican/Canadian blogger, photographer and adventure expedition leader. He holds degrees in multimedia, philosophy and translation from universities in Mexico, Canada and Norway. Sign up for the Yucatán Roundup, a free newsletter, which delivers the week's top headlines every Monday.
The sale of Banamex is sure to have major ramifications for Mexico’s financial sector. Photo: Courtesy

Multinational investment bank Citigroup has announced that it will sell off Banamex.

Citigroup purchased Banamex, the second-largest bank in Mexico, in 2001 in a multi-billion dollar deal.

Analysts say that Banamex’s profitability began to decrease in 2018 as a result of greater competition and the company’s failure to reform its overall business strategy. 

The news comes roughly a year after Banamex customers began to notice the closure of bank branches across the country.

Citigroup says the sale of the company will include its massive real estate holdings across Mexico, which are valued at billions of dollars.

Several financial institutions, including Carlos Slim’s Banco Imbursa, have expressed interest in purchasing Banamex, though no deal has been announced.

The sale of Banamex by Citigroup has caused concern among US Citigroup customers living in Mexico who are currently able to make ATM withdrawals from their Citibank accounts at Banamex without fees.

Earlier: Progreso to host the Americas’ largest shipyard

Several Banamex locations in Mérida and across Yucatán have already closed up shop, including the bank’s largest branch in Centro. 

There has been a good deal of speculation about what will happen with Centro’s Casa de Montejo, which currently operates as a Banamex and also houses a museum, sponsored by the banking giant. 

Casa de Montejo’s museum remains open to the public for the time being. Photo: Carlos Rosado van der Gracht

Casa de Montejo began construction in 1542, the same year Mérida was founded, and was completed in 1549. It served as the official residence of the Montejo conquistadors in Mérida. 

The estate is one of the oldest and best-preserved examples of Plateresque colonial architecture in Mexico. Though several changes have been made to its facade over the centuries, its basic design has remained virtually intact.

Plateresque, meaning “in the manner of a silversmith,” was a Spanish artistic movement that appeared during the Gothic and Renaissance period in the 15th century.

The style reached its peak under the reign of Charles V, Holy Roman Emperor, in the Iberian Peninsula and New Spain, now known as Mexico. 

- Advertisement -

Subscribe Now!

More articles

Court sets limits for ‘racist’ immigration checkpoints in Mexico

Mexican soldiers review documents at a Zacatecas checkpoint in March. Photo: Pedro Pardo / AFP via Getty Images

You won’t miss the meat or dairy in these recipes from Yucatán

Vegan, vegetarian and plant-based lifestyles are easy to enjoy, despite living in meat-centric Yucatán.  Now that we’ve listed our...

Yucatán COVID patient 1st to die in 49 days

Coronavirus cases rose steadily in a week that ended with Yucatán's first COVID fatality since April 2. A...

Expats in Mexico face impossible deadline to comply with new tax law

Taxpayers in Mérida wait for their numbers to be called at the SAT office. Photo: File A tax...

What is the Loop Current and how does it affect hurricanes on the Yucatán Peninsula?

A current of warm tropical water is looping unusually far into the Gulf of Mexico for this time of year, with the power to turn tropical storms into monster hurricanes.

Izamal revamps its infrastructure while seeking investment

A walking tour of Izamal includes Mayor Warnel May Escobar and Yucatán Gov. Mauricio Vila Dosal. Photo: Courtesy

Mexico looks to its southern neighbors for investment and international cooperation

Historically Mexico’s economic footprint regarding its neighbors to the south has been negligible at best, aside from a few large corporations such as Banco Azteca and Bimbo. 

Activists in Mérida observe International Day Against Homophobia, Transphobia and Biphobia

Trans pride flag flies over the Monumento a la Patria on Paseo de Montejo. Photo: Courtesy Jornada Maya

The Most Famous Mexican Mathematicians

Photo by Nothing Ahead via Pexels By James Collins The subject of mathematics can be...

Mexico’s COVID-19 vaccine contracts to remain a state secret until 2025

The true cost of Mexico’s COVID-19 vaccination campaign will not be known until well after the next round of federal elections....