Citigroup to Spin Off Mexico Business After Failed Sale Attempts

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.