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4h ago

Citi Rejects Grupo México’s Banamex Bid, Stays With Chico Pardo Stake Sale and IPO

The bank says the anchor sale plus a public listing offers greater certainty and maximizes value for shareholders.

Citi, el gigante financiero estadounidense, rechazó la propuesta de Grupo México para adquirir el 100% de Banamex. Foto: Especial
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Signage at a Banamex bank branch in Mexico City, Mexico, on Thursday, Sept. 25, 2025. Citigroup Inc. agreed to sell a 25% stake in its Mexican retail banking unit Banamex to local businessman Fernando Chico Pardo as part of a plan to list the asset publicly.
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Overview

  • Citi formally notified Grupo México that it will not accept its proposal to acquire up to 100% of Banamex after reviewing financial terms and execution certainty.
  • Citi will proceed with the previously announced plan to sell 25% of Banamex to Fernando Chico Pardo and pursue an IPO for the remaining stake.
  • Grupo México’s bid outlined alternatives for 100% or 75% ownership, implied a roughly $9.3 billion valuation, and indicated less than $2 billion of additional debt with $7.28 billion in cash on hand.
  • The offer triggered a sharp selloff in Grupo México shares of about 15% earlier in the week, though the stock rebounded after Citi confirmed its rejection.
  • Analysts at JPMorgan and Morgan Stanley warned the acquisition could be unfavorable for Grupo México due to weak strategic fit, potential revaluation risks, and limited synergies.