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.

Citigroup announced Monday that it has completed the separation of Banamex, one of Mexico's oldest retail banks, from Citi México.

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.