FX.co ★ WSJ: Citigroup Nearing Spinoff Of Citibanamex

According to a report from The Wall Street Journal, Citigroup Inc. is advancing towards spinning off Banco Nacional de México, also known as Citibanamex. The company has indicated that this separation should be finalized in the second half of 2024, with the Initial Public Offering (IPO) slated for 2025.

Citibanamex, the second-largest bank in Mexico, has been under Citi's ownership for over a hundred years. On January 11, 2022, Citi announced its intention to divest from Citibanamex's consumer, small business, and middle-market banking sectors as part of its strategic overhaul. In May 2023, Citi revealed it would proceed with the IPO of these operations in Mexico after detaching its institutional business.