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Citigroup Completes Separation of Mexican Operations, Prepares Banamex for IPO

Dec 2, 2024, 03:06 PM

Citigroup Inc. has officially separated its Mexican operations into two independent financial groups: Grupo Financiero Citi México, which will focus on institutional and corporate banking, and Grupo Financiero Banamex, which will continue to serve retail banking customers. This separation marks the end of a nearly three-year process that began with Citigroup's announcement in 2022 to sell its Mexican consumer banking business, which was originally acquired in 2001. The move is part of Citigroup's strategic plan to simplify its operations globally. Banamex has reassured its over 20 million clients that their money is secure and there will be no changes to their existing banking products like debit accounts, credit cards, or mortgages. However, Banamex has also warned clients to be vigilant against potential fraud attempts following the separation. Citigroup is now preparing for an initial public offering (IPO) of Banamex, which could lead to the sale of the business.