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Citi picks IPO for Citibanamex sale

Citi picks IPO for Citibanamex sale

May 25, 2023 | Rodrigo Alonso Cruz
US financial services group ends talks to sell its Mexican consumer banking business to Grupo México and eyes a share sale in 2025

Equity Funds IPO M&A United States Mexico Capital Markets

US financial services group Citi said Wednesday that it will pursue an initial public offering (IPO) for Citibanamex in 2025, rather than carry out a direct sale to local conglomerate Grupo México. "After careful consideration, we concluded the optimal path to maximizing the value of Banamex for our shareholders and advancing our goal to simplify our firm is to pivot from our dual path approach to focus solely on an IPO of the business," CEO Jane Fraser said in a press release. Citi was in talks

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