Citi’s Banamex Focused on IPO, CEO Rules Out Direct Sale of Bank

Citigroup Inc.’s Mexican retail bank Grupo Financiero Banamex is focused on preparing for an initial public offering as soon as the end of this year, Banamex Chief Executive Officer Manuel Romo said, dashing speculation that Citi could seek to revive plans for a direct sale of the bank.

“We are 100% focused on the IPO,” Romo said late Wednesday during a press conference at Mexico’s annual banking convention near Puerto Vallarta when asked if a direct sale of Banamex to a single bidder was still a possibility. “We are not evaluating anything else because the IPO itself is a ...