(Bloomberg) — Citigroup Inc. poached Banco Bilbao Vizcaya Argentaria SA’s head of software development to lead a technology architecture overhaul at its Banamex unit ahead of the Mexican consumer bank’s planned initial public offering next year.
Francisco Leyva will serve as head of operations and technology at Banamex once the business officially completes its separation from Citigroup, according to people familiar with the matter who asked not to be identified discussing private information. Citigroup expects to have finalized the unit’s carve out by the end of this year, with its IPO then slated for the end of 2025.
Leyva will report to Manuel Romo, Citibanamex’s chief executive officer who will become Banamex’s CEO upon its separation from the New York-based lender. Leyva has held information technology posts at different units of BBVA since 2003, according to his Linkedin profile.
Leyva and a Citigroup representative confirmed to Bloomberg that he starts his new role on Nov. 4.
BBVA has been a leader among European banks in investing in digitalization. Leyva oversaw a software transformation project there driven by more than 15,000 engineers.
Citibanamex has seen its market share worn down amid competition from BBVA Mexico, Grupo Financiero Banorte SAB and Banco Santander SA Mexico’s unit as well as new financial technology companies like Nu Holdings Ltd.
Citigroup’s CEO Jane Fraser said Tuesday on a call with analysts that executives are eyeing the end of 2025 for the Banamex IPO, if the market is favorable.
