Citigroup will pursue an initial public offering (IPO) of its Banamex unit that consists of its consumer, small business and middle-market banking operations in Mexico, the bank said on Wednesday (May 24).

Mexico’s conglomerate Grupo Mexico had been in talks to buy the unit, a person familiar with the matter told Reuters earlier this month.

Citi announced plans to offload the unit more than a year ago, as part of a strategic overhaul by chief executive officer Jane Fraser to exit 14 consumer banking markets in Asia, Europe, the Middle East and Mexico.

The global bank said it expects the IPO to be completed in 2025.

Citi’s shares fell 1.7 per cent in pre-market trading. Reuters