Citigroup (NYSE:C) is close to spinning off its Mexican consumer bank Banamex, according to a report from the Wall Street Journal, citing company officials.
- The bank said it would complete a split next week of the systems that underpin Banamex from the rest of operations in Mexico. That is a precursor to its plan to list Banamex on U.S. and Mexican exchanges in late 2025. Citi plans to sell a part of its stake through an IPO, then continue to sell the rest of its holdings over time.
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