Citigroup is planning to separate its Mexican retail unit, Banamex, from its parent company by the second half of 2024, according to Manuel Romo, Citigroup’s head in Mexico.
Romo also mentioned that Banamex will initiate its process of going public in 2025.
This decision comes after Citigroup’s surprising move earlier this year to cancel the $7 billion sale of Banamex, which caught investors off guard.
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