Citigroup expects to divest itself of Banamex through a sale or an initial public offering (IPO) in 2023.
“We’re going to make sure we get the best value for it through a sale or through an alternative exit, an initial public offering or whatever it takes,” CFO Mark Mason told an investor conference. from Barclays.
Last January, the company announced that it would exit Mexico as part of a plan to match Citigroup’s profitability and share price with those of its competitors.
The sale includes the entire retail business: consumer banking (credit cards, personal loans, mortgages) as well as the Afore business, insurance and all the infrastructure. Cultural and historical archives as well as real estate are also included in this sale.
With information from Reuters