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For Immediate Release Citigroup Inc. (NYSE: C)

Ignacio Deschamps Elected Director of the Boards of Grupo Financiero Citibanamex and Banco Nacional De Mexico

February 15, 2024

Will Become Chair of Grupo Financiero Banamex and Banco Nacional de Mexico Boards after Separation in Second Half of 2024

Mexico – The Shareholder Assembly of Grupo Financiero Citibanamex today announced that it has elected Ignacio Deschamps to its Board of Directors. Mr. Deschamps, known commonly as Nacho, will also serve as Director on the Board of Banco Nacional de México.  

Citi announced in May 2023 that it would pursue an initial public offering of Citibanamex’s consumer, small business and middle market banking operations in Mexico following the planned separation of its leading institutional businesses that will remain part of Citi. Citi expects that the separation of the businesses will be completed in the second half of 2024 and that the IPO will take place in 2025.

Earlier this month, Citibanamex announced the respective leadership teams for these businesses, including Manuel Romo as CEO of Banamex and Alvaro Jaramillo as Head of Citi Mexico, effective in the second half of 2024 when the total separation is complete.   Additionally, Julio Figueroa, Cluster and Banking Head for Latin America at Citi, will be appointed Chair of the Board of Citi Mexico after the separation. 

Mr. Deschamps will assume the role of Chair of the Board of Directors of Grupo Financiero Banamex and of Banco Nacional de México, upon the completion of the separation of Citibanamex.  

Ernesto Torres Cantú, Head of Citi International and current Chair of Grupo Financiero Citibanamex, will remain a board member of Grupo Financiero Banamex and Banco Nacional De México after the separation.   

Citi is pleased to announce that Enrique Luis Castillo Sánchez Mejorada, who has played a key role as current Chair of the Board of Banco Nacional de México, will serve as a Director on the Board after the separation and will continue to benefit from his extensive banking and financial experience in the country. 

Mr. Torres Cantú said, “Nacho is a talented leader and banker and brings with him a wealth of credibility. His appointment is a strong complement to the progress we have made thus far, and he will help us to deliver on the commitments we have made to investors and will help ensure a successful execution of our strategic plans.”

Incoming Chair Ignacio Deschamps said, “It is a privilege to serve on the Board of an institution that carries so much history and importance to Mexico. Jointly with the Board, I look forward to working with Manuel Romo and his management team as we make the separation and divestiture a reality and build an even more vibrant organization with a great legacy and a bright future, aligned with the progress of Mexico, its families, companies and communities.”

Mr. Deschamps was Group Head of International Banking and Digital Transformation at Scotiabank until April 2023, with P&L accountability for their business in Latin America and leading their all-bank digital transformation.  Prior to this role, he was Head of Global Retail for BBVA, leading their digital strategy globally and in charge of their South American business. Between 2006 and 2012, he was Chair of the Board of Directors and CEO of BBVA Bancomer (BBVA Mexico).

Mr. Deschamps is a global banking leader who has led complex corporate transformations across The Americas and Europe. He is an Industrial Engineer from Instituto Politecnico Nacional in Mexico City and has a Master of Engineering Administration from The George Washington University in Washington, D.C.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

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Media Contacts

Danielle Romero Apsilos: 212 816 2264,

Paco Caballero: 52 55 2226 6682,

Certain statements in this release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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 The inclusion of forward-looking statements should not be regarded as a representation that any such transaction or event shall be consummated INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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