C nears divesting Banamex as part of its restructuring efforts to exit the retail banking business in some markets and invest in sectors with high potential.

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.

Failed to fetch dynamically imported module: https://finance.yahoo.com/assets/_app/immutable/nodes/90.BMDkfsfZ.js

Citigroup is close to spinning off its Mexican consumer bank Banamex, an important part of CEO Jane Fraser's bank overhaul plan, the Wall Street Journal reported on Friday.