Citigroup CEO Jane Fraser visits Mexico amid Banamex stake talks
Citigroup CEO Jane Fraser is in Mexico City for discussions with President Claudia Sheinbaum, focusing on the potential initial public offering (IPO) of Citigroup’s Mexican retail unit, Banamex.
Fraser previously told analysts in July that the New York-based bank aims to complete the Banamex IPO by the end of 2025, News.Az reports, citing Reuters.
According to Bloomberg, Citigroup has been courting wealthy Mexican investors to acquire a stake in Banamex, possibly forming a controlling interest. Mexican businessman Fernando Chico Pardo is reportedly seeking to buy about 20% of the unit ahead of the IPO.
In 2023, Citigroup canceled a $7 billion sale of Banamex to Mexican billionaire Germán Larrea’s Grupo México after political tensions led to the deal’s collapse.
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