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Economy & Business - November 2025
MEXICO: Citigroup to proceed with Banamex IPO despite rival bid
US multinational bank and financial services corporation Citigroup Inc slammed the door on the prospect of a direct sale of its Mexican retail bank Grupo Financiero Banamex when it rejected an unsolicited US$9.3bn bid from conglomerate Grupo México in early October. Instead, the US banking giant doubled down on its commitment to a plan to sell a minority stake in its Mexican retail unit privately, and then the rest via an Initial Public Offering (IPO) on the local stock exchange.
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