{"id":760248,"date":"2023-05-24T10:12:39","date_gmt":"2023-05-24T14:12:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/"},"modified":"2023-05-24T10:12:39","modified_gmt":"2023-05-24T14:12:39","slug":"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","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/","title":{"rendered":"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"},"content":{"rendered":"

<\/p>\n

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<\/b><\/p>\n

CITI TO RESUME SHARE BUYBACKS THIS QUARTER<\/b><\/p>\n

BUSINESS WILL RETAIN BANAMEX NAME AND CONTINUE TO SERVE AS ONE OF MEXICO\u2019S LEADING BANKING PARTNERS FOR CONSUMER, <\/b>SMALL AND MID-SIZED BUSINESS OWNERS<\/b><\/p>\n

CITI TO RETAIN AND CONTINUE TO GROW MARKET-LEADING <\/b>INSTITUTIONAL CLIENTS BUSINESS IN MEXICO<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nCiti today announced it will pursue an initial public offering (IPO) of its consumer, small business and middle-market banking operations in Mexico (the \u201cBusiness\u201d) following the planned separation of its leading institutional business that will remain part of Citi. As previously disclosed<\/a>, 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.<\/p>\n

\nThe Business will retain the Banco Nacional de M\u00e9xico (\u201cBanamex\u201d) 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.<\/p>\n

\nJane Fraser, CEO of Citi said, \u201cAfter 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\u2019s global network to our institutional and private banking clients in this priority market.\u201d<\/p>\n

\nBanamex 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\u2019s art collection and historical buildings, will remain part of Banamex.<\/p>\n

\nOver the last two decades, Citi\u2019s 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\u2019s digital and mobile banking capabilities. This investment strengthened Banamex\u2019s technology infrastructure, deepened its national branch and ATM networks and relationships with key customer segments, and advanced financial inclusion in Mexico.<\/p>\n

\nCiti 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.<\/p>\n

\nMark Mason, CFO of Citi said, \u201cThis 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.\u201d<\/p>\n

\nThe Business will continue to be reported as part of Citi\u2019s continuing operations until ownership falls below a 50% voting interest, at which point the business will be deconsolidated.<\/p>\n

\nSince 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\u2019s consumer businesses in China and Korea, and its overall presence in Russia.<\/p>\n

\nThis 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.<\/p>\n

About Citi<\/span><\/b><\/p>\n

\nCiti 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.<\/p>\n

\nAdditional information may be found at www.citigroup.com<\/a> | Twitter: @Citi<\/a> | LinkedIn:www.linkedin.com\/company\/citi<\/a> | YouTube: www.youtube.com\/citi<\/a> | Facebook: www.facebook.com\/citi<\/a><\/p>\n

Certain statements in this release are \u201cforward-looking statements\u201d within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management\u2019s 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\u2019s 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\u2019s filings with the U.S. Securities and Exchange Commission, including, without limitation, the \u201cRisk Factors\u201d section of Citi\u2019s 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.<\/i><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230524005455\/en\/<\/a><\/span><\/p>\n

\nMedia Contact:
\n
Danielle Romero Apsilos
\n
212 816 2264
\n
danielle.romeroapsilos@citi.com<\/a><\/p>\n

\nInvestor Contact:
\n
Jennifer Landis
\n
212 559 2718
\n
jennifer.am.landis@citi.com<\/a><\/p>\n

KEYWORDS:<\/b> New York Mexico United States Central America North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

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 CITI TO RESUME SHARE BUYBACKS THIS QUARTER BUSINESS WILL RETAIN BANAMEX NAME AND CONTINUE TO SERVE AS ONE OF MEXICO\u2019S LEADING BANKING PARTNERS FOR CONSUMER, SMALL AND MID-SIZED BUSINESS OWNERS CITI TO RETAIN AND CONTINUE TO GROW MARKET-LEADING INSTITUTIONAL CLIENTS BUSINESS IN MEXICO NEW YORK–(BUSINESS WIRE)– Citi today announced it will pursue an initial public offering (IPO) of its consumer, small business and middle-market banking operations in Mexico (the \u201cBusiness\u201d) following the planned separation of its leading institutional business that will remain part of Citi. As previously disclosed, Citi had … <\/p>\n

Continue reading “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”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-760248","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCiti 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 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"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 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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 CITI TO RESUME SHARE BUYBACKS THIS QUARTER BUSINESS WILL RETAIN BANAMEX NAME AND CONTINUE TO SERVE AS ONE OF MEXICO\u2019S LEADING BANKING PARTNERS FOR CONSUMER, SMALL AND MID-SIZED BUSINESS OWNERS CITI TO RETAIN AND CONTINUE TO GROW MARKET-LEADING INSTITUTIONAL CLIENTS BUSINESS IN MEXICO NEW YORK–(BUSINESS WIRE)– Citi today announced it will pursue an initial public offering (IPO) of its consumer, small business and middle-market banking operations in Mexico (the \u201cBusiness\u201d) following the planned separation of its leading institutional business that will remain part of Citi. 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