Grupo Mexico Slumps as $7 Billion Deal for Citi’s Banamex Nears

Citigroup Inc. is nearing a deal to sell most of its Banamex retail operations to Grupo Mexico SAB for roughly $7 billion, according to people familiar with the matter. The Mexican conglomerate’s shares dropped by the most in almost four months.

The Wall Street giant will retain a portion of the unit, and will have the option of later selling it to Grupo Mexico or listing it on public markets, the people said, asking not to be identified discussing internal deliberations.