Overview
- Citi said a company owned by Fernando Chico Pardo and his family agreed to acquire about 520 million ordinary shares, equal to 25% of Grupo Financiero Banamex.
- The agreed price is fixed at 0.80 times book value for an estimated 42 billion pesos, or roughly $2.3 billion.
- Upon closing, Chico Pardo will chair Grupo Financiero Banamex, while Ignacio Deschamps remains president of Banco Nacional de México and Manuel Romo continues as CEO.
- Citi will seek additional investors and continues to plan a future IPO for remaining shares, and it will retain its institutional and investment banking operations in Mexico.
- President Claudia Sheinbaum said she was briefed ahead of the announcement and welcomed the deal, and Chico Pardo called it a personal, long‑term investment driven by confidence in Mexico's outlook.