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46m ago

Citi Agrees to Sell 25% of Banamex to Fernando Chico Pardo for 42 Billion Pesos

Closing is targeted for late 2026 after regulatory approval, followed by his appointment as chairman.

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El empresario mexicano Fernando Chico Pardo adquirió el 25% de Banamex y asumirá la presidencia del Consejo de Administración. | Crédito: Especial/Banco digital GH
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Overview

  • Citi said the 25% stake equals about 520 million ordinary shares priced at 0.80 times book value, for an estimated 42,000 million pesos (approximately $2.3 billion).
  • The transaction remains subject to Mexican regulatory approvals and customary conditions, with completion expected in the second half of 2026.
  • Upon closing, Fernando Chico Pardo will become chairman of Grupo Financiero Banamex, while Ignacio Deschamps and Manuel Romo will remain as president of Banco Nacional de México and CEO of Banamex, respectively.
  • Citi reiterated that a Banamex IPO for the remaining stake remains a priority, with timing dependent on market conditions and regulatory approvals.
  • Citi recorded an estimated $726 million goodwill impairment in Q3 2025 tied to the divestment, which the bank said is neutral to capital.