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Citi Agrees to Sell 25% of Banamex to Fernando Chico Pardo for $2.3 Billion

Citi plans to court additional local backers before a potential IPO, with timing subject to regulators and market conditions.

Businessman Fernando Chico Pardo, owner of 25% of Banamex, gives a press conference in Mexico City, Thursday, Sept. 25, 2025. (AP Photo/Marco Ugarte)
Citi's International Director Ernesto Torres Cantu, left, businessman and owner of 25% of Banamex Fernando Chico Pardo, center, and Director of Grupo Financiero Banamex Manuel Romo join hands during a press conference in Mexico City, Thursday, Sept. 25, 2025. (AP Photo/Marco Ugarte)
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Overview

  • At 42 billion pesos, the deal values Banamex at roughly $9.12 billion and is structured around about 520 million shares at 0.80 times local GAAP book value at closing.
  • Citigroup recorded a $726 million goodwill impairment tied to the transaction in the third quarter of 2025, which the bank said does not affect its capital.
  • Closing is targeted for the second half of 2026 subject to customary conditions and Mexican regulatory approval.
  • Upon completion, Fernando Chico Pardo will chair Grupo Financiero Banamex, Manuel Romo will remain Banamex CEO, and Ignacio Deschamps will continue as chair of Banco Nacional de México.
  • Citi says it will seek additional minority investors in the coming months as it advances the final major consumer-banking exit in its 2021 simplification plan ahead of a potential listing.