Citigroup has completed the separation of its Mexican subsidiary Banamex from its institutional banking business in Mexico, the major US-based bank said on Monday. With this separation, Citigroup will now operate two separate financial groups in Mexico: Grupo Financiero Citi México and Grupo Financiero Banamex.

C nears divesting Banamex as part of its restructuring efforts to exit the retail banking business in some markets and invest in sectors with high potential.

Citigroup announced Monday that it has completed the separation of Banamex, one of Mexico's oldest retail banks, from Citi México.

Citigroup has completed the separation of Banamex from its institutional banking business in Mexico as it prepares to list the retail bank, the Wall Street giant said on Monday.The move to split Grupo Financiero Citi México from Grupo Financiero Banamex is part of Citi's sweeping overhaul under CEO Jane Fraser aimed at simplifying its sprawling structure as it looks to improve the bank's performance.

Plans are advancing for an initial public offering of Citigroup Inc.’s Banamex business in Mexico after the bank finished separating out the division from its broader institutional offerings in the country.

The move sets up the bank to spin off Banamex in an IPO, as planned. The timing of that will depend on regulatory approval, but the bank has long targeted next year.