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.