Citigroup planned to explore options for the Banamex business, which included a possible sale of the company to a rival bank or a major investor.
Citigroup plans to spin off its Banamex banking franchise.
Banamex, or Banco Nacional de Mexico, is not a small part of Citi’s business. Since buying the company in 2001, Citi has grown Banamex to Mexico’s fourth-largest banking company, with 1,300 branches and 13 million customers.
Citi expects Banamex to separate the two businesses by the end of 2024 and the newly separated company will go public sometime in 2025.