07:37 AM EDT, 10/07/2025 (MT Newswires) -- Citigroup ( C ) is reportedly planning to pursue its plans for an IPO for its retail business unit in Mexico despite attracting a new offer from Groupo Mexico, Reuters reported Monday.

The report added that this new competing bid comes after Citi said last month it would sell a 25% stake in Banamex to Fernando Chico Pardo, at 0.8 times the book value.

Reuters quoting a spokesperson for Citi said they remain committed to realizing the full value of Banamex for its shareholders, and the agreement they announced with Fernando Chico Pardo and the proposed IPO continues to be their preferred path to delivering that outcome.

"Of course, we will review Grupo Mexico's offer in a responsible manner and consider, among other risk factors, the ability to obtain required regulatory approvals and the certainty of closing a proposed transaction," Reuters said citing the Citi spokesperson.

Citigroup ( C ) didn't immediately reply to MT Newswires' request for comment.

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