Citigroup to spin off Banamex, its longtime Mexican banking business

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Citigroup plans to spin off its Banamex banking franchise, the company said Wednesday, a deal that would bring an end to Citi’s two-decade push into Latin America. Citi had announced last year that it planned to explore options for the Banamex business, which included a possible sale of the company to a rival bank or a major investor. Since announcing its plans for Banamex last year, any deal has come with significant political complications. Mexican politicians had pushed for job guarantees and there were fears that Citi would move Banamex’s substantial Mexican art collection out of the country. In a statement, Citi said all Banamex art and historic buildings will remain part of the new company.