Citigroup targets over $3B IPO for Banamex, enlists banks

Banamex: Grupo Financiero Banamex is a prominent Mexican banking and financial services group with deep roots in the country's retail and commercial banking sector. In this development, it serves as the asset Citigroup is positioning for an initial public offering to complete its ownership exit. Citigroup: Citigroup Inc. is a major global financial institution offering banking, investment, and advisory services across consumer and institutional segments. In the context of this news, the company is actively advancing the divestiture of its Mexican retail operations by preparing Banamex for a public listing and engaging underwriters. Timeline Outlook: The parties involved are targeting a January listing for Banamex on Mexican markets as part of Citigroup's ongoing strategic exit from certain international retail banking operations. Divestiture Progress: Citigroup has been reducing its stake in Banamex through private placements to institutional investors and a prominent Mexican businessman ahead of the planned public offering. Underwriting Support: Citigroup is leading a group of Wall Street banks, including Bank of America, Goldman Sachs, and JPMorgan, to execute the Banamex IPO.