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8h ago

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

Citing deal certainty plus regulatory risk, Citi will execute a staged exit anchored by Fernando Chico Pardo alongside a planned IPO.

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 said it reviewed Grupo México’s binding offer and rejected it after weighing financial terms and the certainty of closing.
  • Citi reaffirmed its plan to sell 25% of Banamex to Fernando Chico Pardo and list the remaining stake through an IPO.
  • Chico Pardo’s deal covers about 520 million shares at 0.80 times book value for roughly 42 billion pesos, with closing expected in the second half of 2026 subject to approvals.
  • Grupo México had proposed acquiring up to 100% of Banamex at a reported valuation near US$9.3 billion and set a 10‑day window for Citi’s response, outlining limited new debt and significant cash on hand.
  • Market reaction shifted through the week, with Grupo México shares dropping about 15% after the bid was revealed and rising more than 5% following Citi’s rejection.