Citi will be pulling out of retail banking in Mexico as part of an overhaul of its strategy.

Citigroup Inc. on Tuesday announced that it would be withdrawing from its Citibanamex retail banking business in Mexico, ending two decades of efforts in the retail space, which was the last of its retail banking activities. details outside the United States.

Citi said it intended to focus its mainstream banking business on aggregate wealth as well as payments and loans and a targeted retail presence in the United States.

This withdrawal does not include the institutional activities of Citigroup in the country.

Managing Director Jane Fraser said in a statement that the move was part of the bank’s “strategy refresh” that also includes the abandonment of consumer-related activities. Asia, where she felt the bank did not have sufficient size and market share to be competitive.

Prior to becoming CEO, Ms. Fraser was responsible for Citigroup’s Mexico operations and World Consumer Bank. In this role, she has sought to leverage the investments made by the bank to refurbish the Mexican consumer arm, known as Banamex.

Institutional investors, frustrated by the relatively low returns on Citigroup’s investments, have long asked the bank to drop Citibanamex.

The bank has not estimated the cost of abandoning this activity or what it could receive in the event of a sale. The company currently uses approximately $ 4 billion in tangible equity.

Citigroup has said it expects to release about $ 7 billion in tangible equity through exits from Asia.