Financial reports from Banamex, Mexican banking industry reports

Citigroup Completes Banamex Separation, Warns of Fraud, Plans IPO

Dec 2, 2024, 02:21 PM

Citigroup Inc. has successfully completed the separation of its Mexican retail banking operations from its institutional offerings, marking the end of a partnership that began in 2001 when Citi acquired Banamex. The separation, which took almost three years to finalize, results in two independent financial groups in Mexico: Grupo Financiero Citi México, focusing on corporate and institutional banking, and Grupo Financiero Banamex, which will continue to serve consumer banking. This move is part of Citigroup's strategic plan to simplify its business structure. The separation paves the way for an initial public offering (IPO) of Banamex, as Citigroup plans to sell its retail banking business in Mexico. Banamex has warned its clients to be vigilant against potential fraud attempts following the split.