Citi assembles bank syndicate for $3B Banamex IPO

Citigroup is forming a syndicate of Wall Street banks to lead the IPO of Grupo Financiero Banamex, valued at approximately $3 billion. The move signals progress in Citi's long-planned divestiture of its Mexican retail banking unit, though the exact timing and valuation remain subject to market conditions. The IPO would be a significant capital markets event for Mexico and could influence regional banking valuations.