Overview

• The bank reaffirmed its September 24 plan to sell 25% of Banamex to Fernando Chico Pardo and to float the remaining stake via an IPO.
• The 25% sale covers about 520 million shares at 0.80 times book value for an estimated 42,000 million pesos, with completion expected in the second half of 2026 pending Mexican approvals.
• Citi targets a 2026 listing in Mexico and the United States for the rest of Banamex, subject to regulatory clearance and market conditions.
• Grupo México had proposed buying up to 100% for roughly US$9.3 billion and gave a 10‑day response window, which Citi declined after reviewing financial terms and deal certainty.
• Investor reaction whipsawed: Grupo México shares dropped about 15% after the bid disclosure, then rose around 1.9% after Citi’s rejection as the conglomerate publicly lamented the decision.