Citigroup has said it will spin off its Mexican retail bank through an initial public offering, abandoning a plan hatched early last year to sell the unit.
The US lender plans to completely separate its Banamex division, which has 38,000 employees and is one of the largest consumer banking franchises in Mexico, by the middle of next year. The bank said an IPO of the unit was likely by the end of 2025. Despite the spin-off, Citi plans to retain much of its corporate and institutional businesses in Mexico.
Citi executives previously said they had been pursuing a dual process in order to exit Banamex. The bank said on Wednesday it now believed an IPO would be the better route for investors than a sale.
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