Citi Sells 25% Stake in Mexico’s Banamex

In a significant step towards its divestiture of Banamex, the New York-based Citi on Wednesday announced that a company, which is wholly-owned by Fernando Chico Pardo and members of his immediate family in Mexico has agreed to purchase from Citi an equity stake in Grupo Financiero Banamex for $2.3 billion.

Under the transaction, Fernando Chico Pardo will acquire 25%, around 520 million shares of Banamex’s outstanding common shares at a fixed price-to-book of 0.80 times the local GAAP book value at closing.

This transaction represents the beginning of a strategic relationship with Fernando Chico Pardo and is subject to customary closing conditions, including regulatory approvals in Mexico, and is expected to be completed in the second half of 2026.

The divestiture of Banamex remains a strategic priority and as previously noted, any decisions related to the timing and structure of the proposed Banamex initial public offering (IPO) will continue to be guided by several factors, including market conditions and receipt of regulatory approvals.

Accordingly, upon closing, Fernando Chico Pardo will be appointed as Chair of Grupo Financiero Banamex. Ignacio (Nacho) Deschamps will remain as Chair of Banco Nacional de México. Manuel Romo will remain as Chief Executive Officer of Banamex.

Fernando Chico Pardo said that this transaction represents their longstanding purpose of advancing projects that strengthen Mexico’s development.

He said that they were confident in its present and future opportunities, as well as in the potential of its people and firmly believe that Banamex and its talented and experienced team will continue to be a fundamental pillar supporting Mexico, its companies and its families.

“We are also profoundly committed to continuing and to renew the social and cultural programs that distinguish Banamex and give access to an invaluable artistic heritage to millions of Mexicans. For our family, this is more than a business decision, it is an expression of confidence in Mexico and an assertion of our commitment to its economic, social and cultural progress,” Fernando concluded.

In connection with the agreed-upon bid received from Fernando Chico Pardo, Citi incurred a goodwill impairment charge of $726 million in All Other—Legacy Franchises, which has been recorded in expenses for the third quarter of 2025 and is capital neutral to Citi.

Citi will retain and continue to grow its industry-leading institutional business in Mexico to deliver the full power of its global network to clients. Given the country’s world-class manufacturing industry and integration with global supply chains.

Citi Confident

Citi is also confident about Mexico’s trajectory and is uniquely positioned to support cross-border capital markets activity and trade flows to and from Mexico.

The transaction also advances Citi’s goal of divesting its international consumer businesses and simplifying the firm to focus on its five interconnected businesses.

Outside of the Banamex divestiture, with the recent announcement of the entry into an agreement to sell Citi’s Poland consumer business, the exit from these consumer businesses is now complete or close to completion. 

Banamex, the fourth-largest financial group in Mexico by total assets, offers a full suite of financial services to consumers and small and mid-market business owners through an extensive distribution network of 1,300 branches, 9,000 ATMs, 13.6 million retail banking clients, 6,000 commercial banking clients and 8.6 million pension fund management customers.