Business · Companies · 1 hr ago
Citi Mexico aims to grow business with banks after Banamex split
Citi Mexico plans to expand its business with other banks after separating from Banamex, the retail bank it once owned.
The split in 2024 separated Banamex from Citi’s institutional banking business as Citi works to end its ownership of the retail bank.
Citi Mexico CEO Luis Brossier said the change gives the unit more freedom to serve financial institutions, including Banamex and BBVA in Mexico.
Citi has already arranged a bond sale for Banamex, which is building an independent balance sheet after the split.
Citi also expects to help with Banamex’s eventual IPO, and plans to fully exit its ownership through an offering expected in 2027.
The strategy is to deepen existing client relationships while using commercial banking to bring mid-sized companies into Citi’s business.
Citi Mexico plans to expand its business with other banks after separating Banamex from its institutional banking business.
CEO Luis Brossier said the separation gave Citi greater freedom to serve financial institutions.
Citi recently led Banamex’s additional tier-one bond issuance and is expected to play a role in its eventual IPO.
Citi also sees growth opportunities in commercial banking and private banking.
Citigroup intends to fully unwind its ownership of Banamex through an IPO expected in 2027.
- Who
- Citi Mexico, led by CEO Luis Brossier.
- What
- Citi Mexico aims to grow its business with other banks and expand commercial and private banking.
- When
- Brossier discussed the strategy in an interview published on October 20, 2026. Citi separated Banamex from its institutional banking business in 2024.
- Where
- Mexico. Brossier spoke in an interview in São Paulo.
- Why
- The separation gave Citi Mexico greater freedom to serve financial institutions and pursue business with other banks.
This story does not have two clearly opposing sides.
Citi separated Banamex from its institutional banking business.
Brossier discussed Citi Mexico’s growth plans in an interview in São Paulo.
Citi led Banamex’s additional tier-one bond issuance.
Citigroup expects to complete its exit from Banamex through an initial public offering.
- Separation
- Banamex was separated from Citi’s institutional banking business in 2024.
- CEO
- Luis Brossier leads Citi Mexico.
- Bond issuance
- Citi recently led Banamex’s additional tier-one bond issuance.
- Other bank client
- Citi has handled bond issuances for BBVA in Mexico.
- Planned IPO
- Banamex’s IPO is expected in 2027.
2 sources
What people are saying
Citi globally tends to be a bank for banks
The opportunity now is how we do more for those same clients.
That is a client-acquisition business