Citigroup announced the completion of separating its institutional banking operations in Mexico from its consumer, small and medium-sized market businesses. This spin-off resulted in the formation of two independent entities: Grupo Financiero Citi México serving institutional clients, and consumer banking business Grupo Financiero Banamex. This move is part of Citigroup's broader global strategy aimed at streamlining operations and focusing on its core strengths. Citigroup CEO Jane Fraser stated that this separation is a significant milestone in the bank's efforts to simplify operations and align with its long-term vision. She emphasized the company's commitment to Mexican customers and the intention to prepare for the initial public offering of Grupo Financiero Banamex. The timing of the IPO will depend on regulatory approvals and market conditions, with the goal of maximizing shareholder value.