Citigroup Prepares for $3 Billion Banamex IPO in January

Citigroup is gearing up to take its Mexican retail bank, Grupo Financiero Banamex, public in January. The initial public offering (IPO) could raise over $3 billion, according to people familiar with the matter.

The New York-based lender will lead the offering itself, with Bank of America, Goldman Sachs, and JPMorgan Chase also working on the deal. The banks are still assessing how much of Citigroup's remaining stake in Banamex could be sold before the listing.

Citigroup currently owns about 51% of Banamex after a series of private stake sales. The bank plans to reduce its ownership below 50% ahead of the IPO, as part of Chief Executive Jane Fraser's withdrawal from consumer banking across several international markets.