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.

The move sets up the bank to spin off Banamex in an IPO, as planned. The timing of that will depend on regulatory approval, but the bank has long targeted next year.

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

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

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 completed the separation of its Mexican subsidiary Banamex from its institutional banking business in Mexico, the major US-based bank said on Monday. With this separation, Citigroup will now operate two separate financial groups in Mexico: Grupo Financiero Citi México and Grupo Financiero Banamex.