Citigroup Prepares 2027 Spin-Off, IPO of Banamex

03:59 AM EDT, 10/15/2026 (MT Newswires) -- Citigroup (C) is preparing to spin off its Mexican Banamex subsidiary in an IPO, Chief Executive Jane Fraser told investors and analysts in a quarterly conference call, according to a transcript. "We're now busy preparing for Banamex's deconsolidation from Citi next year," she said. "The IPO would happen after that when market conditions allow and when the usual regulatory requirements are met. At that point, our international consumer divestitures will be nearly complete." The bank has already closed on the sale of 1.4% in Banamex equity, bringing the total amount it has already sold off to 49%, she said.