© Reuters. FILE PHOTO: A Citi signal is seen on the Citigroup stall on the ground of the New York Inventory Trade, October 16, 2012. CREUTERS/Brendan McDermid/File Photograph
MEXICO CITY (Reuters) -Citigroup’s Mexican retail unit, generally known as Banamex, is ready to separate off from its guardian by the second half of 2024, the lender’s Mexico head, Manuel Romo, advised native media on Thursday.
The retail unit ought to then start the method of going public in 2025, Romo mentioned.
Citi’s Mexico operation didn’t instantly reply to a Reuters request for remark.
Earlier this yr, Citi scrapped a $7 billion sale of the unit, shocking traders.
New York-based Citi had been in talks with Mexican billionaire German Larrea’s Grupo Mexico to promote the unit, with sources telling Reuters the 2 sides had been near a deal.
The Mexican authorities’s interference in Grupo Mexico’s operations – expropriating a part of one of many firm’s rail traces – and calls for relating to the sale led the 2 sides to desert the deal, sources mentioned.
After the sale fell via, Citi mentioned it will listing Banamex.
Citi’s company and funding banking operation will stay within the nation beneath the title Citi Mexico.
“We’re making progress in a timely manner in the separation,” Romo mentioned, in response to each Forbes Mexico and La Jornada. “So that by the second half of 2024, the split between Banamex and Citi Mexico is complete,” he added.
The chief floated the potential for Banamex’s itemizing in both of Mexico’s two inventory exchanges, and didn’t rule out the potential for itemizing abroad.
Sources advised Reuters in Could the financial institution was weighing a twin inventory itemizing, probably in Mexico and New York.
