Overview

• Mexican government considered buying majority stake in Citigroup's Banamex unit.
• Citigroup now plans initial public offering of Mexico business, Banamex, instead of sale.
• Separation of Banamex expected to be completed in 2024, IPO likely in 2025.
• Decision made to maximize value for shareholders and simplify Citigroup.
• Banamex has 38,000 employees, 1,300 branches, and over 22 million retail and pension clients.