(RTTNews) - As per a report published in The Wall Street Journal, Citigroup Inc. (C) is nearing the spinoff of Banco Nacional de México, or Citibanamex. Citi previously stated that it expects that the separation of the businesses will be completed in the second half of 2024 and that the IPO will take place in 2025.
Citi operates in Mexico as Citibanamex, the second-largest bank in the country. Citi has operated in Mexico for more than a century. On January 11, 2022, Citi announced its decision to exit the consumer, small business and middle-market banking operations of Citibanamex as part of its strategic refresh. In May, 2023, Citi announced it will pursue an initial public offering of its consumer, small business and middle-market banking operations in Mexico following the planned separation of its institutional business.
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