Citigroup Separates Banamex into Two Financial Groups in Mexico, Plans IPO Amid Fraud Warning

Dec 2, 2024, 02:09 PM

Citigroup Inc. has officially separated its Banamex retail banking business from its broader institutional operations in Mexico, marking the end of a partnership that began in 2001. The separation, which was completed on December 1, 2024, results in Citigroup operating two independent financial groups in the country: Grupo Financiero Citi México, focusing on corporate and institutional clients, and Grupo Financiero Banamex, which will continue to serve the consumer banking market. This move is part of Citigroup's strategy to divest its retail banking operations in Mexico, with plans for an initial public offering (IPO) of Banamex. The separation process, which took nearly three years, aims to streamline Citigroup's operations in Mexico and potentially pave the way for the sale of Banamex. Banamex has assured its clients that their money is secure and warned them to be vigilant against potential fraud attempts following the split. Clients have been notified about the changes and are advised to be cautious of any unsolicited requests for personal information or transactions.