Overview
- Mexican financial and competition regulators cleared the deal, and the sale has formally closed.
- Fernando Chico Pardo immediately became chairman of Grupo Financiero Banamex after acquiring the stake through a family-owned company.
- The stake represents about 520 million shares valued at roughly 42 billion pesos, or about US$2.3 billion, at 0.80 times local book value.
- Citi said the step furthers its divestment strategy while it concentrates on its institutional business in Mexico.
- Operational leadership remains in place, with Manuel Romo continuing as CEO and Ignacio Deschamps staying as chairman of Banco Nacional de México.