Jane Fraser, CEO of Citigroup Inc., during an interview for an episode of "The David Rubenstein Show: Peer-to-Peer Conversations" at the Economic Club of Washington in Washington, D.C., March 22, 2023. Citigroup said Wednesday it plans to pursue an initial public offering of its Mexico business, Banamex, scuttling a 16-month effort to find a buyer for the unit. The bank expects to complete the separation in the second half of 2024, with a public offering likely to follow in 2025, Citigroup said in a release. It hasn't yet decided on a listing destination, but a dual listing in Mexico and the U.S. is possible, a source familiar with the plans told CNBC. Plans to sell or IPO Banamex were disclosed in January 2022.

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