On December 3, Citigroup announced the completion of the separation of its institutional banking operations in Mexico from its consumer, small and medium market businesses. This spin-off resulted in two independent entities: Grupo Financiero Citi México serving institutional clients, and Grupo Financiero Banamex focused on consumer banking business. This move is part of Citigroup's broader global strategy to streamline operations and focus 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 Grupo Financiero Banamex for its initial public offering. The timing of the IPO will depend on regulatory approvals and market conditions, with the goal of maximizing shareholder value.