Citi loses No 2 spot in Mexico to two Spanish banks after fraud

Mexico City

CITIGROUP Inc is losing its long-established ranking as the second-biggest lender in Mexico as two Spanish banks step up to fill the void.

The lender's Mexico unit, known as Banamex, lost its No 2 position for the first time since New York-based Citigroup acquired it in 2001 after sitting out much of the nation's recent lending boom. Its loan portfolio grew less than 5 per cent since the end of 2013, even as total lending in Mexico surged 17 per cent.