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.

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

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.

Citigroup is close to spinning off its Mexican consumer bank Banamex, an important part of CEO Jane Fraser's bank overhaul plan, the Wall Street Journal reported on Friday.