Citigroup to Complete Formal Banamex Separation Next Week After Nearly Two Decades

Nov 29, 2024, 10:30 AM

Citigroup is nearing the completion of a formal separation from Banamex, its Mexican consumer bank, after nearly two decades of operation under the same umbrella. Reports indicate that the split is expected to finalize next week, with Citigroup working to disentangle the systems that support Banamex from its other Mexican operations. This move marks a significant milestone in Citigroup's strategy to streamline its business and focus on core operations.