Citigroup (C.N) will split its Mexico retail unit, known as Banamex, from its corporate and investment banking business in the country by the second half of 2024, the lender’s Mexico head Manuel Romo said on Thursday.The retail unit should then begin the process of going public in 2025, Romo said.
Earlier this year, Citi scrapped a $7 billion sale of the unit, surprising investors.
New York-based Citi had been in talks with Mexican billionaire German Larrea’s Grupo Mexico (GMEXICOB.MX) to sell the unit, with sources telling Reuters the two sides had been close to a deal.
Read More : Citi Announces Plans to Separate Mexico Retail Bank from Corporate, Investment Unit by Late 2024