Citigroup is expected to lead a Banamex IPO targeted for January that could raise more than $3 billion, Bloomberg reported, citing people familiar with the plans. The deal is unannounced, its size unsettled and plans may change.
Bank of America, Goldman Sachs and JPMorgan are also working on the offering. Citigroup has sold a quarter of Banamex to Fernando Chico Pardo and a further portion to investors including General Atlantic and Blackstone; it retains roughly 51%.
The portion of the remaining stake to be sold is undecided, and smaller private sales could come first. The January target depends on markets being receptive; the banks involved declined to comment.
