Citigroup (C) is targeting a $3 billion initial public offering for Mexico's Grupo Financiero Banamex, Bloomberg reported late Friday, citing people familiar with the matter.

Citigroup is working with Bank of America (BAC), Goldman Sachs (GS) and JPMorgan Chase (JPM) to evaluate how much of its remaining stake can be offloaded before an IPO, and if additional smaller stake sales are still possible, according to the report, citing the people.

Citigroup and Banamex are targeting a potential listing in January, the people reportedly said.

Deliberations are ongoing and details might change, including the number of banks that are presently part of the lineup, the report said.

A spokesperson for Citigroup declined to comment, while Bank of America, Goldman Sachs, JPMorgan Chase and Banamex did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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