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1h ago

Citi Sells 25% of Banamex to Fernando Chico Pardo for 42 Billion Pesos

The deal positions Chico Pardo to chair Banamex at closing, with Citi pursuing an IPO for its remaining stake.

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El empresario mexicano Fernando Chico Pardo adquirió el 25% de Banamex y asumirá la presidencia del Consejo de Administración. | Crédito: Especial/Banco digital GH

Overview

  • The agreement covers about 520 million ordinary shares at 0.80 times book value, for roughly USD 2.3 billion.
  • Closing is targeted for the second half of 2026 subject to Mexican regulatory approvals, and President Claudia Sheinbaum was briefed and welcomed the move.
  • Upon completion, Fernando Chico Pardo will become chairman of Grupo Financiero Banamex, while Ignacio Deschamps and Manuel Romo remain in their current posts.
  • Citi describes the investment as the start of a strategic partnership and says plans to seek a public offering for the remaining 75% continue.
  • Citi recorded an approximately USD 726 million goodwill impairment in Q3 2025 related to legacy franchises, which it characterized as capital neutral.