Kingboard Holdings Shares Surge After HK$11.77 Billion Block Trade to Expand PCB and AI Supply Chain Business 
Ukrainian Drone Makers Target Japan and Asia Defense Market 
Obayashi to Acquire Multiplex in $526M Expansion Deal 
HSBC Australia Faces A$35M Penalty Over Scam Protection Failures 
GM and Lockheed Martin Partner to Strengthen U.S. Defense Manufacturing Capacity 
SoftBank Shares Drop as OpenAI Losses and Rising Costs Spark Investor Concerns 
Hyundai to Acquire SoftBank’s Remaining Boston Dynamics Stake for $325 Million 
J.P. Morgan Sees Potential Vestas Guidance Upgrade Amid Strong Wind Energy Demand 
Qantas Unveils Wellness-Focused Nonstop Sydney-London Flights to Reduce Jet Lag 
US Raises Concerns Over Possible ASML EUV Machine Transfer to China 
John Jumper Leaves Google DeepMind for Anthropic Amid Intensifying AI Talent Race 
Saudi Aramco Explores Sulphur Business Stake Sale to Raise Billions 
Meta Seeks Legal Shield From Child-Harm Lawsuits Amid KOSA Talks 
Jio IPO Filing Nears as Reliance Targets $4 Billion Market Debut 
SpaceX Stock Slides After IPO Rally as Valuation Concerns Grow 
SpaceX Surpasses Amazon in Market Value as Post-IPO Rally Accelerates 
Citigroup has reached a landmark agreement to sell a 25% stake in Grupo Financiero Banamex to Mexican billionaire Fernando Chico Pardo and his family, signaling progress in Citi’s plan to take Banamex public. The deal, valued at 42 billion Mexican pesos ($2.28 billion), places Banamex’s worth at approximately $9.12 billion at current exchange rates. The transaction is expected to close in the second half of 2026, pending regulatory approvals.
Citigroup originally acquired Banamex in 2001 for $12.5 billion, when the Mexican bank operated with a broader portfolio of businesses. This new deal follows a challenging three-year search for an investor or acquirer as Citi continues scaling back its retail presence in Latin America, having already exited consumer banking in Brazil, Argentina, and Colombia.
The sale comes with a $726 million goodwill impairment charge for Citigroup, recorded in the third quarter, as the sale price falls below Banamex’s book value. Despite this, analysts see the valuation as positive. “The market was looking forward to divesting as much as possible at decent valuation. This is quite decent,” said Suryansh Sharma of Morningstar Research Services.
Under the agreement, Chico Pardo, 73, will become chairman of Grupo Financiero Banamex, while Manuel Romo will remain as CEO. Citi CEO Jane Fraser praised the investment, describing it as a strong endorsement of Banamex’s future potential. Fraser confirmed that Citi is working toward an initial public offering for Banamex once conditions allow.
This deal represents the final step in Fraser’s 2021 strategy to exit consumer banking operations in 14 international markets, including Mexico. Fernando Chico Pardo, ranked Mexico’s eighth-richest person by Forbes with a net worth of $3.5 billion, also chairs Grupo Aeroportuario del Sureste (ASUR) and manages private equity firm Promecap. His diverse investments span airports, ports, and hotels across Latin America and the Caribbean.
