Citi announced this Wednesday that it will carry out an Initial Public Offering (IPO) of its Consumer Banking and Corporate Banking businesses in Mexico after the already planned separation of its Banamex institutional business.which will remain as part of Citi.
As previously made public knowledge, Citi has followed a dual process for its exit from the Business, including preparation for a possible IPOwith the commitment to offer maximum value to its shareholders.
The Business will maintain the Banco Nacional de México (Banamex) brand and will continue to be one of the leading financial groups in Mexico, Citi said.
In addition, Banamex will continue to offer a full range of financial services for the Consumer Banking and Business Banking segments, with an extensive distribution network of 1,300 branches, 9,000 ATMs, 12.7 million Consumer Banking customers, 6,000 600 Business Banking clients and 10 million creditors.
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In a statement, Citi’s global director, Jane Fraser, said that after careful analysis, it was concluded that the optimal path to maximize Banamex’s shareholder value and advance in its strategic objective to simplify the firm is to move on the dual path to focus only on an IPO of the Business.
“Citi has operated for more than a century in Mexico and we will continue to invest and grow our industry-leading institutional franchise in this very important country to us, thus bringing the full potential of Citi’s global network to our institutional clients and of Citi Private Bank in this priority market,” said the board.
Germán Larrea is out
After more than a year of its sale process, Citi put aside the possibility of selling Banamex directly and leaned towards an offer on the stock market.
With this, he left aside the proposal of the Mexican magnate Germán Larrea in the midst of the disputes he has had with the federal government over a railway section in Veracruz, which would have affected Citi’s final decision to sell it through a public offer. initial.
It should be remembered that Citi always said that a public offer was an option to sell Banamex.
OA
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