Overview

• Grupo México said on Oct. 3 it submitted a proposal to acquire up to 100% of Banamex, presenting terms it describes as attractive.
• Citigroup stated it has not yet received a formal offer from Grupo México and reiterated that its preferred path is the previously announced Chico Pardo stake sale followed by an IPO.
• Citi said it would review any formal bid responsibly, weighing regulatory approvals and certainty of closing as key factors.
• Grupo México's proposal includes an option for Fernando Chico Pardo and family to hold a 25% stake and envisions future participation by Mexican pension funds and other domestic investors.
• Any transaction would require regulatory clearance, and Grupo México frames its bid as returning the bank to majority Mexican ownership.