More than a year after the announcement of the sale of Banamex, Mexico continues to be an important country for Citigroup, since in the third quarter of the year its income grew 32 percent, according to the bank’s financial report.
According to the financial institution, between July and September 2023 the income of the Mexican unit amounted to 1,552 million dollars, compared to 1,173 million dollars registered in the same period of 2022.
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Citigroup highlighted that the income obtained in Mexico offset part of the losses recorded by up to 13 percent annually in its franchise division, as a consequence of the exit from consumer markets in other countries.
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“Revenue decreased 13 percent year-over-year, driven largely by the difference in the impacts of extraordinary gains on sales in the Asian consumer businesses and reductions from closed outlets and closures, partially offset by higher revenues in Mexico,” he highlighted. the bank in its report.
Overall, the bank’s total income in the third quarter of the year reached 20,139 million dollars, an annual increase of nine percent, while net profit amounted to 3,546 million dollars, up two percent. compared to what was obtained in the same period of 2022.
Banamex IPO going in 2025
In a conference with analysts, Jane Fraser, CEO of Citigroup, reiterated that according to the bank’s calendar, the sale of Banamex could be carried out in 2025 through an Initial Public Offering (IPO) in the stock market.
Without giving more details, the board highlighted that the process is progressing according to the planned times, including the legal requirements from the authority.
At the end of May, Citigroup announced that it would sell its retail consumer banking business on the stock market, after a rigorous analysis process and after receiving offers from several buyers.
The bank was put up for sale from January 11, 2022, as part of Citigroup’s corporate strategy in 14 other international markets that consists of operating only with institutional clients.
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Before opting for an IPO, Germán Larrea, owner of Grupo México; Santander, by Ana Botín; Inbursa, headed by Carlos Slim, and Banorte, headed by Marcos Ramírez Miguel; There were some interested in acquiring Citigroup’s business.
2023-10-13 18:15:55
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