Wall Street giant Citigroup said on Monday it ‍had completed ‍the sale of a 25% ​stake in its Grupo Financiero Banamex to a ⁠company owned by Mexican billionaire Fernando Chico Pardo ⁠and his ‌family.

The deal, which was announced in September, marks another step forward ⁠in Citi's goal of divesting the Mexican retail bank.

"The closing of this transaction advances our strategic priority of divesting ⁠of Banamex and places ​it in the hands of one of Mexico's most ‍successful investors. It also allows us to redouble ​our commitment to our institutional business in Mexico," CEO Jane Fraser said in a statement.

In October, Citi said it still plans to pursue an IPO for its Mexican retail unit.

The timing and the structure of the proposed initial public offering of Banamex ⁠remain subject to market ‌conditions and regulatory approvals, Citi said.

As part of the deal, Chico Pardo ‌has become ⁠the chairman of Banamex. (Reporting by Arasu Kannagi Basil ⁠in Bengaluru; Editing by Shinjini Ganguli)