Overview

• Citi notified Grupo México on Oct. 9 that it would not accept its binding offer to acquire up to 100% of Banamex after a review period that began Oct. 3.
• Citi will proceed with the previously agreed sale of 25% of Banamex to Fernando Chico Pardo at 0.80 times book value, or about 42,000 million pesos (roughly US$2.3 billion), subject to customary approvals.
• The bank reiterates plans to take the remaining Banamex stake public, with the offering process targeted for 2026 once market conditions and regulatory clearances align.
• Grupo México’s proposal, reported around US$9.3 billion for the whole bank and structured to allow Chico Pardo to retain a 25% minority stake, included assurances that any added debt would be below US$2 billion backed by existing credit lines and cash.
• Investor reaction has been volatile, with Grupo México shares tumbling about 15% after its bid was unveiled and later rising more than 5% following Citi’s rejection.