Overview

• Fitch kept Banamex’s international rating at BBB+ with a negative outlook and affirmed a shareholder support rating of ‘bbb+’.
• A company owned by Fernando Chico Pardo and his family agreed to buy 25% of Banamex for about 42 billion pesos, or roughly $2.3 billion.
• The transaction requires Mexican regulatory approval and is expected to close in the second half of 2026.
• Citi is expected to keep about 75% of Banamex and continue preparations for a planned IPO, contingent on approvals and market conditions.
• Analysts highlight execution and credit risks, noting a 2.83% delinquency rate versus a 2.13% peer average as Chico Pardo prioritizes technology investment and a customer‑centric model.