(Adds details on the expected IPO process, file photos)
By Tatiana Bautzer, Saeed Azhar and Echo Wang
NEW YORK, May 24 (Reuters) – Citigroup Inc is considering a dual stock listing for its Mexican retail unit, known as Banamex, after it abandoned a sale process, according to three sources familiar with the matter.
The dual listings could take place in Mexico City and New York, two of the sources said. An offering could only take place in 2025, as the process of spinning of the Mexican unit is expected to be concluded by late 2024.
The venue for a New York listing has not yet been decided, one of the sources said. Citigroup is listed on NYSE. Another source said it would be expected that Banamex needs to be listed in Mexico for regulatory reasons. Although Banamex is profitable, multiples in a potential IPO would not be high. (Reporting by Tatiana Bautzer and Saeed Azhar and Echo Wang in New York; Editing by Lananh Nguyen and Nick Zieminski)
Source: finance.yahoo.com
(Adds details on the expected IPO process, file photos)
By Tatiana Bautzer, Saeed Azhar and Echo Wang
NEW YORK, May 24 (Reuters) – Citigroup Inc is considering a dual stock listing for its Mexican retail unit, known as Banamex, after it abandoned a sale process, according to three sources familiar with the matter.
The dual listings could take place in Mexico City and New York, two of the sources said. An offering could only take place in 2025, as the process of spinning of the Mexican unit is expected to be concluded by late 2024.
The venue for a New York listing has not yet been decided, one of the sources said. Citigroup is listed on NYSE. Another source said it would be expected that Banamex needs to be listed in Mexico for regulatory reasons. Although Banamex is profitable, multiples in a potential IPO would not be high. (Reporting by Tatiana Bautzer and Saeed Azhar and Echo Wang in New York; Editing by Lananh Nguyen and Nick Zieminski)
Source: finance.yahoo.com
