Citigroup Inc. has postponed the placement of shares in the Mexican division of Banco Nacional de Mexico (Banamex) until 2026, taking into account market instability, obtaining regulatory approval and attracting key investors. This is reported in a press release from Citigroup.
Initially, Citigroup planned to IPO Banamex in 2025, placing tranches of 15% of the total business value in the form of offers for 12-24 months before fully exiting the division. Citigroup has not set an exact date for the IPO, taking into account consideration of alternative options and potential investors.
At the end of 2024, Citigroup completed the division of Citibanamex into Citi Mexico and Banamex financial companies in preparation for the Banamex IPO after an unsuccessful attempt to sell the retail business to Grupo Mexico SAB in 2022.
According to the Mexican regulator, the share of Citibanamex in the total loan portfolio of Mexico decreased from 22% in 2001 when acquired by Citigroup to just over 8%. As a result, Citibanamex moved from second to fourth place after Banco Bilbao Vizcaya Argentaria, Banco Santander and Grupo Financiero Banorte.
Citigroup Inc. is one of the world's largest financial companies. The flagship asset is Citibank. The company provides financial services to consumers, corporations, governments, and institutions, including investment banking, brokerage, and wealth management. The headquarters is located in New York (USA). Citigroup is one of the "big four" US banks, along with Bank of America, JPMorgan Chase and Wells Fargo, and manages assets worth $1.8 trillion.
Banamex offers financial services to companies and individuals, including commercial banking, insurance, and investment management. The headquarters is located in Santa Fe (Mexico).
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