For decades, Citibank Inc. had been trying to get a meaningful foothold in Mexico's domestic banking industry, but to no avail.

To many observers it was ludicrous that while the bank operated a global branching system, it couldn't get full access to the 99 million Mexicans just south of the border.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.