For Immediate Release Citigroup Inc. (NYSE: C)

Citi to Pursue Initial Public Offering of its Consumer, Small Business and Middle Market Banking Operations in Mexico as it Executes Strategy to Simplify Firm and Deliver Value to Shareholders

May 24, 2023





New York – Citi today announced it will pursue an initial public offering (IPO) of its consumer, small business and middle-market banking operations in Mexico (the “Business”) following the planned separation of its leading institutional business that will remain part of Citi. As previously disclosed, Citi had been pursuing a dual process to exit the Business, including preparation for a possible IPO, with a commitment to deliver maximum value to its shareholders.

The Business will retain the Banco Nacional de México (“Banamex”) brand and will remain one of the leading financial groups in Mexico. Banamex will continue offering a full suite of financial services to consumers and small and mid-market business owners through an extensive distribution network of ~1,300 branches, ~9,000 ATMs, ~12.7 million retail banking clients, ~6,600 commercial banking clients and ~10 million pension fund customers.

Jane Fraser, CEO of Citi said, “After careful consideration, we concluded the optimal path to maximizing the value of Banamex for our shareholders and advancing our goal to simplify our firm is to pivot from our dual path approach to focus solely on an IPO of the business. Citi has operated in Mexico for over a century, and we will further invest and grow our industry-leading institutional franchise in this critical global hub, delivering the full power of Citi’s global network to our institutional and private banking clients in this priority market.”

Banamex will retain credit cards, retail banking, consumer loans, residential mortgage lending, insurance, annuities, pension assets management, deposits and a full suite of commercial banking products. The approximately 38,000 employees currently supporting these businesses, as well as Banamex’s art collection and historical buildings, will remain part of Banamex.

Over the last two decades, Citi’s investments have significantly transformed Banamex into a state-of-the-art bank, fully focused on delivering a richer, smarter, more intuitive experience for clients and customers. Citi has invested US$2.5 billion to enhance Banamex’s digital and mobile banking capabilities. This investment strengthened Banamex’s technology infrastructure, deepened its national branch and ATM networks and relationships with key customer segments, and advanced financial inclusion in Mexico.

Citi will continue to operate a locally-licensed banking business in Mexico through its Institutional Clients Group (ICG), which provides an unrivaled global network of banking and advisory services to private and public institutions, financial sector clients and investors, as well as through Citi Private Bank for ultra-high-net-worth individuals and families. Citi has been pursuing the carve out of the ICG business since announcing its plan to separate Banamex. This work, including obtaining the requisite regulatory approvals, is ongoing. Citi expects that the separation of the businesses will be completed in the second half of 2024 and that the IPO will take place in 2025.

Mark Mason, CFO of Citi said, “This decision demonstrates our commitment to choose the best outcome for our shareholders and allows us to resume a modest level of share buybacks this quarter. Given the uncertainty regarding regulatory capital requirements, we will continue to assess buybacks on a quarter-by-quarter basis.”

The Business will continue to be reported as part of Citi’s continuing operations until ownership falls below a 50% voting interest, at which point the business will be deconsolidated.

Since announcing intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has signed sales agreements in nine markets and has closed sales in seven markets, including Australia, Bahrain, India, Malaysia, the Philippines, Thailand and Vietnam. The firm is progressing its previously announced wind-downs of Citi’s consumer businesses in China and Korea, and its overall presence in Russia.

This press release does not constitute an offer to sell, nor a solicitation of an offer to buy, any securities, which will be made only by prospectus.


Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Media Contact

Danielle Romero Apsilos: (212) 816-2264,

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Jennifer Landis: (212) 559-2718,

Certain statements in this release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, (i) timely completion of the separation of Citi’s Institutional Clients Group and Private Bank businesses in Mexico from the Business, including separation and migration of the relevant technology platform; (ii) macroeconomic and local market conditions, including those related to the banking sector; (iii) timely satisfaction and receipt of required regulatory approvals; (iv) political, legislative, regulatory, labor, tax or social conditions in Mexico, including changes in government officials and at government agencies; and (v) the precautionary statements included in this release. These factors also consist of those contained in Citi’s filings with the U.S. Securities and Exchange Commission, including, without limitation, the “Risk Factors” section of Citi’s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

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