Citigroup pivots to IPO for Mexico business after failed sale talks.
TL;DR
Citigroup has announced plans to pursue an initial public offering (IPO) of its Mexico business, Banamex, in the second half of 2024. The bank had been exploring a potential sale of the business, but decided that an IPO would be the best way to maximize value for shareholders and simplify the firm. Citigroup bought Banamex for $12.5 billion in 2001 and the business operates about 1,300 branches with more than 12 million retail clients and about 10 million pension fund customers.
- Citigroup to spin off its Mexico business through IPO CNBC
- Live news: Citigroup abandons long-planned sale of Banamex to pursue IPO Financial Times
- Citigroup to pursue IPO for its Mexico retail unit after sale fails Reuters.com
- Citigroup Abandons Banamex Sale, Plans 2025 IPO for Unit Instead Bloomberg
- Citigroup Ends Sale Talks for Banamex and Pivots to IPO The Wall Street Journal
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