Citi Mexico Expands Institutional Banking After Banamex Split

Citi Mexico is expanding its institutional banking services to other financial institutions following its separation from Banamex. Luis Brossier, CEO of Citi Mexico, stated that the split allows the unit greater freedom to operate as a corporate-focused business. This restructuring is part of a broader plan by Citigroup to unwind its ownership of the retail bank through an expected initial public offering in 2027.

The bank has already begun providing services to competitors, including leading the first additional tier-one bond issuance for Banamex and handling bond issuances for BBVA in Mexico. Brossier noted that Citi globally tends to be a bank for banks, and the current shift provides an opportunity to do more for those clients.

Beyond institutional services, Citi Mexico intends to grow its private banking services and its commercial banking segment for mid-sized companies. This growth strategy mirrors a corporate-focused business model previously implemented by the bank in Brazil.