09:11 AM EST, 12/02/2024 (MT Newswires) -- Citigroup ( C ) has completed the separation of its institutional banking operations in Mexico from its consumer, small and middle market businesses, Bloomberg reported Monday, citing a company statement.

The bank will now operate two financial groups in Mexico: Grupo Financiero Citi Mexico and Grupo Financiero Banamex, the report said.

Citi also continues to work on the proposed initial public offering of Banamex and is nearing completion of its wind-downs of consumer businesses in Korea and China, and its exit from Russia, according to the report.

Citi could not be reached immediately for a comment.

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