Citigroup plans to IPO its Mexican Banamex division next year, a move to simplify its structure.

Citigroup is preparing an IPO for its Banamex division in Mexico after separating it from its wider institutional services. CEO Jane Fraser calls this a key step in simplifying the bank. The new entity, Grupo Financiero Citi México, will keep about 3,000 employees serving 2,000 clients. Plans for previous sales fell through due to conditions set by former Mexican President López Obrador. The IPO is set for next year if market and regulatory conditions are favorable.

December 02, 2024
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