Citigroup is preparing for a major initial public offering of its Mexican banking business Banamex, with the transaction potentially raising more than $3 billion. The planned IPO represents another important step in Citi’s long-term strategy to reduce its ownership of Banamex and exit Mexico’s consumer banking market.

According to Bloomberg, Citigroup is working with several major Wall Street banks on the potential offering. Bank of America, Goldman Sachs and JPMorgan are expected to participate alongside Citi in the transaction. The companies are reportedly targeting January 2027 for the listing, although the timetable and structure remain subject to change.

Citi Moves Toward a Public Listing

The Banamex IPO is part of Citi’s broader international consumer banking restructuring. Rather than selling the entire Mexican operation to a single buyer, Citi has been gradually reducing its ownership through private transactions and preparing the business for a public listing.

In December 2025, Mexican businessman Fernando Chico Pardo acquired a 25% stake in Banamex. In February 2026, Citi announced agreements to sell an additional 24% to a group of institutional investors, including General Atlantic, Afore SURA, Banco BTG Pactual, Blackstone-managed funds, Liberty Strategic Capital and Qatar Investment Authority.

Once those transactions were completed, Citi had sold approximately 49% of Banamex, leaving the bank with a significant remaining interest ahead of the proposed IPO.

Why the Banamex IPO Matters

A public listing could give Citi a further opportunity to monetize its remaining stake while allowing Banamex to continue operating as a publicly traded Mexican financial institution.

For investors, the transaction will be closely watched because the final IPO valuation, share offering size and market conditions could influence how Banamex is valued relative to other major Mexican banks.

The participation of major global investment banks also highlights the potential scale of the transaction. However, the final structure, timing and amount raised remain subject to market conditions and regulatory approvals.

What Comes Next?

Citi’s immediate objective is to continue preparing Banamex for the public markets while evaluating whether additional shares can be sold before the IPO. Bloomberg reports that the banks involved are still assessing the exact size and structure of the transaction.

If the planned offering proceeds, the Banamex IPO could become one of the notable banking-market transactions in Mexico and mark another major stage in Citigroup’s long-running withdrawal from international consumer banking.

Key Takeaways

• Potential IPO proceeds: More than $3 billion

• Target listing: January 2027, according to Bloomberg

• Lead bank: Citigroup

• Other major banks involved: Bank of America, Goldman Sachs and JPMorgan

• Company: Grupo Financiero Banamex

• Market: Mexico

• Main strategic objective: Citi’s continued reduction of its Banamex ownership

🔗 Sources

https://www.bloomberg.com/news/articles/2026-09-25/citigroup-targets-more-than-3-billion-banamex-ipo-taps-banks

https://www.citigroup.com/global/news/press-release/2026/citi-announces-agreements-with-investors-for-commitments-to-purchase-an-aggregate-24-equity-stake-in-banamex