Citigroup announced Monday that it has completed the separation of Banamex, one of Mexico's oldest retail banks, from Citi México.

Citigroup has completed the separation of Banamex from its institutional banking business in Mexico as it prepares to list the retail bank, the Wall Street giant said on Monday. The move to split Grup

Plans are advancing for an initial public offering of Citigroup Inc.’s Banamex business in Mexico after the bank finished separating out the division from its broader institutional offerings in the country.

Citigroup has completed the separation of its Mexican subsidiary Banamex from its institutional banking business in Mexico, the major US-based bank said on Monday. With this separation, Citigroup will now operate two separate financial groups in Mexico: Grupo Financiero Citi México and Grupo Financiero Banamex.

C nears divesting Banamex as part of its restructuring efforts to exit the retail banking business in some markets and invest in sectors with high potential.

Citigroup is close to spinning off its Mexican consumer bank Banamex, an important part of CEO Jane Fraser's bank overhaul plan, the Wall Street Journal reported on Friday.