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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.
