Overview

• Grupo México said Citi informed it of the rejection and argued its 100% offer was superior, fully compliant and ensured Mexican ownership.
• Citi reaffirmed its September 24 agreement to sell 25% of Banamex to Fernando Chico Pardo for $2.3 billion at 0.80 times book value, with the remaining shares to be sold through a public offering.
• Grupo México’s proposal priced the first 25% at 0.85 times book and the remaining 75% at 0.80 times, invited other Mexican investors and pledged not to take on significant new debt.
• Mexico’s leadership has welcomed the entry of a Mexican partner, reflecting earlier government conditions favoring local ownership and protection of Banamex’s cultural assets.
• Banamex’s scale — serving over 20 million clients with more than 1,200 branches, 9,100 ATMs and about 39,000 employees — underscores the emphasis on an orderly transition.