Despite a new offer from Mexican copper mining company Grupo Mexico, Citigroup continues to favor the independent listing plan for Banamex (Banco Nacional de México).

The U.S. banking giant remains committed to its strategy of taking the Mexican financial services unit public rather than pursuing a direct sale to interested buyers. This preference for an independent public offering comes even as Grupo Mexico has submitted a fresh bid for the Mexican banking operations.

Citigroup has been working to divest its consumer banking operations in Mexico as part of its broader strategic restructuring to focus on institutional clients and wealth management services in key international markets.