Citi Targets Banamex IPO for Over US$3 Billion, Taps Banks - Bloomberg Línea
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Bloomberg - Citigroup Inc. is assembling a group of Wall Street banks with the aim of raising over US$3 billion in an Initial Public Offering (IPO) of Mexico's Grupo Financiero Banamex, according to sources familiar with the matter. Citigroup will lead the group of banks, and Bank of America Corp., Goldman Sachs Group Inc., and JPMorgan Chase & Co. are also collaborating on the operation, according to the sources, who requested anonymity as the information is confidential. Citigroup and Banamex expect the IPO to occur in January, the sources added. The banks are still evaluating how much of Citigroup's remaining stake can be sold on the market before the IPO, and other smaller stake sales are still possible, the sources indicated. Deliberations are ongoing, details could change, and more banks could join the group, the sources added. Representatives for Citigroup, Banamex, Bank of America, JPMorgan, and Goldman declined to comment. Citigroup, under the leadership of its CEO, Jane Fraser, has withdrawn from its retail business in Mexico, as well as other retail businesses worldwide. Last year, the US bank sold 25% of Banamex to Mexican billionaire Fernando Chico Pardo. Subsequently, the US bank transferred another 24% of the business to other investors, including General Atlantic and Blackstone Inc. Earlier this year, Banamex appointed the former director of Banco del Bajío...
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