CitiBanamex Advances in Separation, Appoints New Directors

Citigroup is moving forward with the separation of its Mexican subsidiary, Banamex, appointing two directors to lead the transition process. Ernesto Torres Cantú, Director, Citi International, and Titi Cole, Director, Citi's Legacy Franchises, announced the appointment of Manuel Romo as CEO of Banamex and Álvaro Jaramillo as CEO of Citi México.

Manuel Romo, who has been leading Citibanamex since 2019, will continue to serve as CEO of Banamex until the separation is finalized. On the other hand, Álvaro Jaramillo Escallón, currently Deputy General Director, Grupo Financiero Citibanamex, will take the helm at Citi México.

The appointments mark a significant step in the separation process, providing clarity for the leadership teams for both institutions. According to Citi, this move aims to facilitate talent attraction and development, while ensuring a seamless operation post-separation.

Citi intends to sell this business through an Initial Public Offering (IPO) in 2025, following unsuccessful attempts to find a direct buyer.

Despite the separation, Citi's Mexican subsidiary will retain its wholesale banking operations, aligning with the institution's strategic direction in the markets it serves. This strategic move underscores Citi's commitment to optimizing its operations and adapting to evolving market dynamics.