Overview

• Chico Pardo will buy about 520 million ordinary shares at a fixed 0.80x book value, implying a price near 42,000 million pesos (about $2.3 billion).
• The transaction remains subject to customary conditions and Mexican regulator sign-offs, with closing targeted for the second half of 2026.
• Upon closing, Chico Pardo will become chairman of Grupo Financiero Banamex, while Ignacio Deschamps stays president of Banco Nacional de México and Manuel Romo remains CEO.
• Citi describes the investment as the start of a strategic relationship and says a Banamex IPO is still an option depending on market and regulatory conditions.
• Citi recorded an approximately $726 million goodwill impairment in Q3 2025 related to the separation process, and President Claudia Sheinbaum publicly welcomed the partial return to Mexican ownership.