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https://www.wsj.com/articles/citigroup-ends-sale-talks-for-banamex-and-pivots-to-ipo-a5a733d7

Citigroup Ends Sale Talks for Banamex and Pivots to IPO

Yearlong sale process was complicated by the involvement of Mexico’s president

By David Benoit
Citigroup acquired Banamex, Mexico’s fourth-largest bank, in a $12.5 billion deal in 2001. Photo: HENRY ROMERO/REUTERS

Citigroup will spin off its Mexican consumer bank, ending an attempt to sell the storied Banamex unit after a yearlong process under the watchful eye of Mexico’s president failed to find a deal.

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Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved.

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.