NEW YORK Citigroup CEO Jane Fraser said scrapping the sale of its Mexican retail business, known as Banamex, and pursuing an initial public offering was in the best interest of shareholders.

"We acted decisively, we acted very swiftly and we said okay, we're gonna go down the IPO path", Fraser said in an investor conference in New York.

Fraser added that the other Citigroup divestitures are proceeding well, with the last one being the signature of the referral of its credit portfolios in China.

(Reporting by Tatiana Bautzer and Saeed Azhar in New York; Editing by David Gregorio)