Citigroup Prepares Banamex IPO for January 2027, Could Raise Over $3 Billion

Citigroup is preparing an initial public offering of its Mexican consumer banking unit, Grupo Financiero Banamex, for January 2027. The offering could raise more than $3 billion.

The IPO would mark a major step in CEO Jane Fraser’s strategy to simplify Citi and exit retail operations in several international markets.

Citi is expected to lead the offering and has reportedly enlisted Bank of America, Goldman Sachs and JPMorgan Chase to help with the transaction. Previous private stake sales have reduced Citi’s ownership of Banamex to approximately 51%.

The IPO’s size and valuation remain under discussion and could change.