completed on first quarter of 2023the future of Banamex remains undefined, the disincorporation of its current owner, the American Citigroupit was announced in January 2022.
This Friday, in a conference on the occasion of the presentation of results for the first quarter, both jane fraserglobal head of Citi, as Mark Masonthe group’s finance director, agreed that the process of disincorporation of Banamex continues, and the two options remain: direct sale or through a Initial Public Offering (IPO) through the stock market.
“We are in a very active dialogue right now in Mexico (…) we will continue a dual path, both the sale and an initial public offering, so we will have an exit strategy either way and we will take the path that is best for shareholders. We have a tremendous amount of work underway in Mexico,” Fraser said.
However, it was specified that an IPO would take longer.
Fraser highlighted the solid performance of the franchise in Mexico, since the country has benefited from the dynamics that is being experienced by the relocation of supply chains, for which he ruled out that the local economy has an impact on decision making of the group.
“Both for a private sale and for an IPO, we will choose the best path for shareholders, and the IPO is more likely to take longer (…) the result we choose will be the best for our shareholders, clients and employees,” he mentioned by his part Mason.
