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Mexico’s conglomerate Grupo Mexico had been in talks to buy the unit, a person familiar with the matter had told Reuters earlier this month.
Citi announced plans to offload the unit more than a year ago as part of a strategic overhaul by CEO Jane Fraser to exit 14 consumer banking markets in Asia, Europe, the Middle East and Mexico.
The global bank said it expects the IPO to be completed in 2025.
Citi’s shares fell 1.7% in premarket trading.
