“The IPO most likely would be after that, when market conditions are favorable and when the regulatory requirements are met.”

In context

“h clients—rerouting supply chains, hedging programs, liquidity. The pipeline goes well beyond capital markets. We benefit in North America from greater resiliency than other parts of the world face given the macro environment and the conflict in the Middle East. Analyst: Great, thanks for that. My follow-up is more housekeeping: can you provide us with an update on the expected timing of the Banamex IPO? Jane Fraser: We have made significant progress on the divestiture. First step is closing the latest tranche in the coming months, which will mean we have successfully divested 49%. That substantially advances our ultimate full exit. Given the accelerated pace of the sell-down we have just done, we do not anticipate any additional stake sales in 2026 ahead of deconsolidation in early 2027. The IPO most likely would be after that, when market conditions are favorable and when the regulatory requirements are met. As always, we will ensure that we exercise the ultimate full exit of Banamex in a way that optimizes value for all stakeholders, as we have done so far successfully. Operator: Our next question comes from Gerard Cassidy with RBC. Please go ahead. Gerard Cassidy: Hi, Jane. Hi, Gonzalo. Can you share just a follow-up on your advisory business and your talk about pipelines? As we all know, the regulators changed their leveraged loan restrictions back in November, giving banks more opportunities to finance higher leverage deals. Can you share your color—have you been able to use that yet? Will you use it? What opportunities does that provide to help you in the advisory business? Jane Fraser: The Fed has not changed their guidance on this, so we are still bound by that. Gonzalo? Gonzalo Luchet”