The Business Times
business-time-50

Citi to pursue IPO for Mexico retail unit after sale fails

Published Wed, May 24, 2023 · 08:56 PM
    • 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.
    • 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. PHOTO: REUTERS

    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

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    CitiIPOMexico

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    The authors of the paper found that home-purchase intensity near planned MRT stations was higher for civil servants than with a control group of non-civil servants.

    PSD reviewing paper that alleges civil servants disproportionately bought homes near unannounced MRT stations

    CapitaLand Investment is a leading name among Singapore’s corporates and has numerous institutional and retail shareholders. 

    CapitaLand Investment’s retrenchments: Mind the downsides of a profitable business laying off staff

    Sats has signed a pact with KLN Logistics to advance temperature-controlled and time-critical shipments.

    Stocks to watch: Sats, Yangzijiang Shipbuilding, SBS Transit, GuocoLand

    The Treasury market has ballooned to about US$32 trillion from around US$4.5 trillion since 2007, pushing the federal debt to more than 100% of US GDP.

    US 10-year Treasury yield tops 5% for first time since 2023 as inflation fears mount

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More