Citigroup Inc. is making progress with its plans to conduct an IPO for its Banamex business in Mexico.

Banamex has been separated from Citigroup's other institutional offerings in the country, and the bank now operates two distinct entities: Grupo Financiero Citi México and Grupo Financiero Banamex.

Grupo Financiero Banamex, which has a network of 1,300 branches and employs around 39,000 staff, is preparing for the IPO once it receives regulatory approvals and favorable market conditions.

This strategic move is a significant development for Citigroup's operations in Mexico and has the potential to reshape Banamex's future in the financial landscape.