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2h ago

Citi Sells 25% of Banamex to Fernando Chico Pardo for $2.3 Billion

The price signals Banamex’s value, positioning Citi to recruit Mexican minority investors before an eventual IPO.

Businessman Fernando Chico Pardo, owner of 25% of Banamex, gives a press conference in Mexico City, Thursday, Sept. 25, 2025. (AP Photo/Marco Ugarte)
Citi's International Director Ernesto Torres Cantu, left, businessman and owner of 25% of Banamex Fernando Chico Pardo, center, and Director of Grupo Financiero Banamex Manuel Romo join hands during a press conference in Mexico City, Thursday, Sept. 25, 2025. (AP Photo/Marco Ugarte)
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Overview

  • Citi said it will approach top Mexican investors for smaller minority stakes in the coming months as it prepares for a public listing.
  • The $2.3 billion price implies a roughly $9.12 billion valuation for Banamex that analysts view as a floor for an IPO, with estimates pointing to a mid‑to‑late 2026 listing.
  • Closing is subject to Mexican regulatory approval, with the company indicating the transaction is expected to complete in the second half of 2026.
  • Citi recorded about $726 million in third‑quarter goodwill impairment tied to the deal without affecting its capital, and Chico Pardo is set to chair Grupo Financiero Banamex after completion.
  • Chico Pardo said the investment is self‑funded and capped at 25%, while Banamex targets market‑share gains through digital expansion and better client service as Mexico’s president praised a return to local ownership.