Citigroup has completed the separation of Banamex from its institutional banking business in Mexico as it prepares to list the retail bank, the Wall Street giant said on Monday. The move to split Grup

Citigroup announced Monday that it has completed the separation of Banamex, one of Mexico's oldest retail banks, from Citi México.

Plans are advancing for an initial public offering of Citigroup Inc.’s Banamex business in Mexico after the bank finished separating out the division from its broader institutional offerings in the country.

C nears divesting Banamex as part of its restructuring efforts to exit the retail banking business in some markets and invest in sectors with high potential.

Citigroup has officially separated Banamex from its institutional banking arm, accelerating plans for a 2025 dual IPO. With listings in Mexico City and New York under consideration, this move reflects Citis ongoing push

Grupo Financiero Citi Mexico caters to institutional clients, while Grupo Financiero Banamex focuses on consumer, small, and middle market businesses.

Citigroup is close to spinning off its Mexican consumer bank Banamex, an important part of CEO Jane Fraser's bank overhaul plan, the Wall Street Journal reported on Friday.