Connect with us

Business

Citi to exit Mexican consumer business as part of strategy revamp – Reuters

Published

on

A Citibank sign is seen outside of a bank outlet in New York March 4, 2009. REUTERS/Lucas Jackson/File Photo
NEW YORK, Jan 11 (Reuters) – Citigroup Inc (C.N) will exit its Citibanamex consumer banking business in Mexico, the bank said on Tuesday ending its 20-year retail presence in the country that was the last of its overseas consumer businesses.
Citigroup's decision to sell or spin off Citibanamex, Mexico's third biggest bank by assets as of June, is part of chief executive Jane Fraser's strategy to bring Citigroup's profitability and share price performance in line with its peers.
After taking up the top job last year, Fraser pledged to simplify Citigroup by exiting non-core businesses, including consumer franchises in 13 markets in Asia, Europe, the Middle East and Africa. While Citigroup's Mexican exit was not part of the announced plan it is consistent with that "strategy refresh," Fraser said on Tuesday.
Citigroup will retain its institutional client business in Mexico, as it has in other overseas markets. It will focus its consumer banking business on a targeted U.S. retail presence, global wealth management, and payments and lending, it said.
The bank's acquisition of Banamex for $12.5 billion in 2001 was the largest ever in Mexico at the time and came amid a wave of foreign purchases after an economic crisis devastated the country's banking sector in the mid-1990s.
Mexican billionaire Ricardo Salinas Pliego, who is ranked as the country's third-richest man with a family fortune estimated in excess of $15 billion by Forbes, said he was analyzing if it was possible to acquire Citibanamex.
Other possible buyers for Citibanamex could come from Canada, where the big six banks have excess cash to spend on deals. Bank of Nova Scotia (BNS.TO) already has a sizable Mexico business. read more
The local arms of Banco Santander (SAN.MC) and BBVA (BBVA.MC) would also have the cash, while Mexican institutions Banorte and Inbursa could use an acquisition of Citi's operations to challenge this duo.
An industry laggard hobbled by creaky technology and poor risk-management controls, Citigroup's seeming inability to fix its operational issues and boost its share price has frustrated shareholders. "Investor exhaustion" plagues the bank, Odeon Capital analyst Dick Bove said last month.
Fraser's revamp amounts to the biggest overhaul for Citigroup since it was forced to unload assets following the 2007-2009 financial crisis. To date the bank has taken $2 billion in charges exiting Asian markets. read more
Before becoming CEO, Fraser was responsible for the Mexico business and for Citigroup's global consumer bank. In that role she worked to build on investments the bank made to refurbish the Mexico consumer business which had been known as Banamex.
By disposing of the Mexico consumer businesses, "we'll be able to direct our resources to opportunities aligned with our core strengths and competitive advantages," Fraser said in a statement, adding Mexico remains "a priority market" for Citigroup's institutional businesses.
"We expect Mexico to be a major recipient of global investment and trade flows in the years ahead, and we are confident about the country's trajectory," she said.
MERGER BINGE
Citigroup's acquisition of Banamex was one of several led by Sandy Weill, CEO from 1998-2003, who built the bank into a U.S. giant and, some analysts believe, set it up for its problems.
Institutional investors and analysts, such as Mike Mayo of Wells Fargo, have long called for Citigroup to give up Citibanamex which they saw as drag on its investment returns.
Fraser's predecessor as CEO, Mike Corbat, had invested more in Citibanamex even after it suffered loan losses in a massive fraud involving a supplier to Mexico's state oil company.
Citigroup shares rose as much as 1% in after-market trading.
The bank did not estimate the cost of exiting the business or what it might receive in a sale. The business currently uses about $4 billion of tangible common equity.
The Mexico consumer businesses provided about $3.5 billion in revenue in the first three quarters of 2021 and $1.2 billion in pre-tax earnings, Citigroup said. They include $44 billion of Citigroup's $2.36 trillion of total assets.
Citigroup said the timing of the exit is subject to regulatory approvals in the United States and Mexico.
Our Standards: The Thomson Reuters Trust Principles.
Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

GROMMET, ROD POCKET, OR BACK TAB CURTAINS? WHAT SHOULD I USE

Published

on

There are many curtain styles to choose from that can affect the decor and feel of a space, including classic, modern, casual, or traditional. A curtain’s class, when combined with its color, pattern, and texture, creates a mood that reflects your decorative style.

Three simple options for hanging curtains include a grommet, rod pocket, and back tab. Each style can be customized to create a unique look. These are the three most popular types of curtain headers.

Rod Pocket Curtains

Rod pocket curtains are also known as pole top or casement drapery. The rod can slip through the casing by being sewn to the back of the curtain panel. Panes can be gathered around the rod for a soft, clean look with straight lines. The curtain can be attached to the rod without any hardware. When the curtain is closed, a small amount of the rod will be visible at each end.

With layered window covers, rod pocket curtains are a great choice. When the curtain is opened, valences can be hung above it to hide the rod. You can mount sheers under the main panels. French doors and sidelights are common places for casement curtains. Rods slide through the casements at the top or bottom of the boards, so the curtains can be attached to the window’s top or bottom. This window treatment is often made with sheers. It provides privacy and allows light through.

Finials are the ends of curtain rods that match the curtain’s color, style, or pattern. You can reduce the appearance of hardware by using glass, crystal, or acrylic finials. These materials reflect light rather than drawing the eye to the end caps.

Attach curtain rings or pin-hooks to the back panel of rod pocket curtains to make them more custom. The calls are placed evenly, so the draperies don’t affect the material’s fall and gather. Because the material cannot slide along the rod, rod pocket curtains can be more difficult to open and close. Adjusting curtains is easier with pin hooks or rings. Use pins or rings to change curtains.

Back Tab Curtains

Back tab curtains are a great option for a more tailored look that doesn’t require pins or clips. Hidden tab curtains are also known as back tab curtains. They have loops or tabs sewn to the back of the curtain header. The check is hidden behind the rod so the rod can slip through it. This creates the illusion that the curtain is floating in space, giving it a clean, elegant look. Without any hardware, the curtains form pleats above each rod tab. The curtain’s top rises above the rod, giving it a clean edge.

Back tab curtains can be used if you don’t need to open or close the drapes often. Tabs may be difficult to slip over the pole because the fabric rests directly upon the rod. Flat rods are better than round ones for keeping the wrinkles and tabs straight. Flat rods allow for a smoother fall and crisper pleats because the charges are flush against the flat rod.

If you wish to make the curtains more appealing, you can attach clips or rings to the tabs. Calls can also increase in length. To add a few inches to your curtain, attach rings to its top to reduce it to the desired size. This allows you to use standard curtains without alteration. This technique also improves the appearance of puddling (or the pooling or fabric on the floor).

Hidden tab curtains distribute weight without sagging and support heavier fabrics. You can also use back tab headers with lighter materials. The rod can show through sheer fabrics, which may affect the illusion of the curtain suspended in the air. Because the title is visible, back tabs are great for curtains with lace and other decorative trim. Rings and clips may hide or pinch a portion of the edge.

Grommet Top Curtains

Grommet top curtains are a great choice for modern and trendy decor. Grommet curtains are also known as eyelet curtains. They use rings embedded in their headers to guide the curtain pole. Because of their rigidity, grommets can form well-defined and even wrinkles. Grommet top curtains are better for stiff materials. They give the fabric a crisp look and allow it to fall. Grommet rings enable panels to slide over the rod easily because of their smooth finish. As you use the curtain over time, grommets add strength.

Grommets can be made from many materials, adding to the curtain’s beauty. Popular metallic finishes include silver, brass, nickel, and bronze. There are many options for plastic grommets. You can match grommet colors with curtain fabric or create multicolored and patterned grommets for a unique design. Grommet openings can be as small as 3/8 inches up to 1-9/16 inches. This allows you to play with size and color to create a unique look.

Grommet drapery headers show the rod in contrast to casement or back tab curtains, which don’t display it. When choosing curtains, pair them with rods that complement the overall design of your window treatment. Grommet top curtains can be paired with wood, brass, and acrylic rods. The variations in shape can be influenced by varying the rod width and the grommet openings.

Consider how curtains will improve the space when you are shopping for curtains. You can combine curtain panels’ heaviness, color, pattern, and fullness. Remember how header styles affect mood and atmosphere. Combine your panels with finials, rods, and other curtain hardware to create an individual look.

There are many curtain styles to choose from that can affect the decor and feel of a space, including classic, modern, casual, or traditional. A curtain’s class, when combined with its color, pattern, and texture, creates a mood that reflects your decorative style.

Three simple options for hanging curtains include a grommet, rod pocket, and back tab. Each style can be customized to create a unique look. These are the three most popular types of curtain headers.

Rod Pocket Curtains

Rod pocket curtains are also known as pole tops or casement drapes. They are a classic and elegant way to hang drapery. The rod can slip through the casing by being sewn to the back of the curtain panel. For a soft, clean look, panels are gathered on the rod with gathers. The curtain can be attached to the rod without any hardware. When the curtain is closed, a small amount of the rod will be visible at each end.

With layered window covers, rod pocket curtains are a great choice. When the curtain is opened, valences can be hung above it to hide the rod. You can mount sheers under the main panels. French doors and sidelights are common places for casement curtains. Rods slide through the casements at the top or bottom of the boards, so the curtains can be attached to the window’s top or bottom. This window treatment is often made with sheers. It provides privacy and allows light through.

Finials are the ends of curtain rods that match the curtain’s color, style, or pattern. You can reduce the appearance of hardware by using glass, crystal, or acrylic finials. These materials reflect light rather than drawing the eye to the end caps.

Attach curtain rings or pin-hooks to the panel at the pocket’s back to create rod pocket curtains. The calls are placed evenly, so the draperies don’t affect the material’s fall and gather. Because the material cannot slide along the rod, rod pocket curtains can be more difficult to open and close. Adjusting curtains is easier with pin hooks or rings. Use pins or rings to change curtains.

Back Tab Curtains

Back tab curtains are a great option for a more tailored look that doesn’t require pins or clips. Hidden tab curtains are also known as back tab curtains. They have loops or tabs that are sewn to the curtain header. The account is hidden behind the rod so the rod can slip through it. This creates the illusion that the curtain is floating in space, giving it a clean, elegant look. Without any hardware, the curtains form pleats above each rod tab. The curtain’s top rises above the rod, giving it a clean edge.

Back tab curtains can be used if you don’t need to open or close the drapes often. It may be difficult for tabs to slide over the pole because the fabric rests directly upon the rod. Flat rods are better than round ones for keeping the wrinkles and tabs straight. Flat rods allow for a smoother fall and crisper pleats because the charges are flush against the flat rod.

If you wish to make the curtains more appealing, you can attach clips or rings to the tabs. Calls can also increase in length. To add a few inches to your curtain, attach rings to its top to reduce it to the desired size. This allows you to use standard curtains without alteration. This technique also improves the appearance of puddling (or the pooling or fabric on the floor).

Hidden tab curtains distribute weight without sagging and support heavier fabrics. You can also use back tab headers with lighter materials. The rod can show through sheer fabrics, which may affect the illusion of the curtain suspended in the air. Because the entire title is visible, back tabs are great for curtains with lace and other decorative trim. Rings and clips, on the other hand, may hide or pinch a portion of the trim.

Grommet Top Curtains

Grommet top curtains are a great choice for modern and trendy decor. Grommet curtains are also known as eyelet curtains. They use rings embedded in their headers to guide the curtain pole. Because of their rigidity, grommets can form pleats that are well-defined and even. Grommet top curtains are better for stiff materials. They give the fabric a crisp look and allow it to fall. Grommet rings allow panels to slide over the rod easily because of their smooth finish. As you use the material over time, grommets add strength to your curtain.

Grommets can be made from many materials and add to the beauty of the curtain. Popular metallic finishes include silver, brass, nickel, and bronze. There are many options for plastic grommets. For a unique design, you can match grommet colors with curtain fabric or create multicolored and patterned grommets. Grommet openings can be as small as 3/8 inches up to 1-9/16 inches. This allows you to play with both size and color to create a unique look.

Grommet drapery headers show the rod in contrast to casement or back tab curtains, which don’t display it. When choosing curtains, make sure you pair them with rods that complement the overall design of your window treatment. Grommet top curtains can be paired with rods made of wood, brass, and acrylic. The variations in shape can be influenced by varying the rod width and the grommet opening size.

Consider how curtains will improve the space when you are shopping for curtains. You can combine the heaviness, color, pattern, and fullness of curtain panels. Remember how header styles affect mood and atmosphere. To create an individual look, combine your panels with finials, rods, and other curtain hardware.

Continue Reading

Trending

%d bloggers like this: