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Citigroup has officially separated Banamex from its institutional banking arm, accelerating plans for a 2025 dual IPO. With listings in Mexico City and New York under consideration, this move reflects Citi’s ongoing push to streamline its global operations.
Citi Completes Banamex Separation Ahead of IPO Plans
On Monday, the Wall Street behemoth Citigroup announced that it had finished separating Banamex from its institutional banking operations in Mexico in preparation for listing the retail bank, Reuters reports.
Part of Citi's massive reorganization under CEO Jane Fraser to streamline the bank's complex structure and boost performance includes the decision to separate Grupo Financiero Citi México from Grupo Financiero Banamex.
According to Citi, the New York-based bank is still working on the details of Banamex's anticipated initial public offering (IPO), the timing of which is contingent upon market conditions and regulatory clearances.
"This separation represents an important milestone in our simplification," stated Fraser. "We will now prepare for the Banamex IPO."
Reuters states that Citi has considered listing the Banamex unit's shares in both Mexico City and New York.
Banamex IPO Plans Target 2025 Dual Listings
Per Investing.com, earlier this year, the bank announced its intention to list Banamex in 2025. Banamex serves over 20 million customers through its 1,300 locations across Mexico.
Grupo Mexico, owned by Mexican billionaire German Larrea, was close to purchasing Banamex from Citi last year for $7 billion.
Citi, however, decided to go through with an initial public offering (IPO) instead of continuing with the purchase due to disagreements between the company and Mexican President Andres Manuel Lopez Obrador.
Citi Restructures Global Operations Amid Market Exits
A team of about 3,000 people will continue to assist the bank's institutional clients, and Citi México will keep a "significant" presence in the nation.
With the announcement of its decision to depart the business in 14 regions across Asia, Europe, the Middle East, and Mexico, the bank has liquidated its consumer banking units in nine markets so far, according to the statement. A sale process in Poland is presently active, according to Citi.
Citi also revealed that it has almost finished winding down its consumer businesses in Russia, as well as in Korea and China, as previously disclosed.
