Citigroup is preparing a January initial public offering of Grupo Financiero Banamex, a Mexico-based retail bank, that could raise more than US$3 billion, according to people familiar with the matter.

Citigroup is expected to lead the offering, with Bank of America, Goldman Sachs, and JPMorgan Chase also working on the deal, the people said.

The plans are still under discussion, and Citigroup is assessing how much of its remaining Banamex stake it could sell before the listing. That could include smaller stake sales ahead of the initial public offering.

Citigroup has been selling private stakes in Banamex as part of chief executive Jane Fraser’s pullback from consumer banking in several international markets.

Citigroup owns about 51% of Banamex and has said it plans to reduce that stake below 50% before listing the Mexican lender.

🔗 Source: Bloomberg

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