Citi’s Banamex Plans to Start Own Corporate Banking Offering (1)

Citigroup Inc.’s Mexican retail bank Grupo Financiero Banamex is planning to launch its own corporate banking business — a move that will eventually put it in competition with its current parent.

Citigroup formally split its Mexican operations into two units late last year: a business catering to institutional clients and Banamex, the retail arm it plans to list amid an effort to exit consumer banking in the country. Banamex is now looking to develop its own wholesale banking operations, its Chief Executive Officer Manuel Romo said on Thursday at an annual meeting of the bank’s business advisers. The corporate ...