Citigroup Exits Mexico’s Retail Banking Sector; Ecuador Receives First LNG Shipment

A roundup of Tuesday’s news from across Latin America

Bloomberg Línea
January 11, 2022 | 08:02 PM

Bloomberg Línea — A roundup of Tuesday’s news from our reporters across Latin America.


Bernardo Andrews, CEO of the country’s largest renewable energy generator Genneia, is enthusiastic about the sector’s future, but acknowledges there are setbacks that are slowing its growth, such as a lack of infrastructure.

The Argentine government has lifted the requirement for obligatory self-isolation for fully vaccinated citizens, with the aim of ensuring the functioning of essential services and to sustain the country’s economic activity.

The gender gap in the employment market has widened in Buenos Aires, according to figures corresponding to the third quarter of 2021 from the city’s statistics bureau.



Revealed in December as the buyer of 90% of the shares of Brazilian soccer team Cruzeiro, Ronaldo said the club’s return to the country’s Serie A league will first depend on a cost adjustment to balance the books. In a press conference in Belo Horizonte on Tuesday, the former player said the financial situation of the club where he played in his early career is critical.

Financial group XP (XP) on Tuesday presented its operating results for the last quarter of 2021, confirming expectations of lower retail revenues for the platform in the last three months of the year.


The Gilinski family’s takeover bid of Grupo Sura shares ended after 11 days, and in the next few days it will pay $952.5 million to those who accepted the offer, with the family set to acquire 25.42% of the company.


Glencore has completed its purchase of the Cerrejón coal mine after an agreement was reached in June to take control of the asset from BHP Group and Anglo American.

German company Delivery Hero has sold almost all of its capital invested in Colombian home delivery startup Rappi for $150 million, as Delivery Hero turns its focus to other investments.

Tul, an e-commerce platform focusing on construction materials, raised $181 million in a financing round led by 8VC, bringing Tul’s valuation to $800 million.


Ecuador on Tuesday received its first shipment of liquefied natural gas (LNG), a cargo of two million cubic tons that was shipped from Panama to the port of Posoria, in Guayas province, by private company Sycar. The shipment aims to cover the energy demand of 14 local companies.


Citigroup Inc. has announced it will exit the retail banking sector in Mexico, a country in which it has its largest branch network. The bank will also sell the Citibanamex name, under which it operates in Mexico, and focus on other core businesses such as corporate banking, investment banking, markets, brokerage and its global private banking business. In a videoconference on Tuesday, Alberto Gómez Alcalá, corporate director of institutional development, economic studies and communication at Citibanamex, said Citigroup’s decision has nothing to do with the outlook for Mexico or any issue with current government policy; on the contrary, the group perceives the Mexican economy to be highly competitive and investment flows will continue.

President Andrés Manuel López Obrador on Tuesday named new ministers to his cabinet, in the Social Assistance Ministry, Communications and Transportation, tourism promotion fund Fonatur and a new director for Mexico City airport.

Grupo Cementos Chihuahua (GCC), a Mexican cement company that also has operations in the U.S., announced it has issued a sustainability-linked bond.


Grupo Aeroméxico (AEROMEX*) must wait until January 27 before a U.S. court begins a confirmation hearing to decide on its restructuring proposal, having filed for Chapter 11 bankruptcy protection during the pandemic.


Panama has issued U.S. dollar-denominated bonds maturing in 11 and 40 years and plans to pay the differential at 185 and 270 basis points respectively, on similar U.S. Treasury bonds, Bloomberg reported.


The U.S. dollar hit its lowest level against the sol since the start of the presidency of Pedro Castillo in July, at 3,908 soles to the dollar, according to the central bank.


China stepped up its imports of Venezuelan and Iranian crude oil in 2021, taking advantage of low prices due to the fact that both regimes are subject to U.S. sanctions.

This is how the region’s markets and currencies closed on Tuesday, January 11: