Finance
Citigroup sells stake in Banamex to Mexican billionaire for $2.3 billion
Published by Global Banking & Finance Review®
Posted on September 24, 2025
3 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on September 24, 2025
3 min readLast updated: January 21, 2026
Citigroup sells a 25% stake in Banamex to Mexican billionaire Fernando Chico Pardo for $2.3 billion, with plans for an IPO as part of its Latin America exit strategy.
By Tatiana Bautzer
(Reuters) -Citigroup has agreed to sell a 25% stake in Grupo Financiero Banamex to a company owned by Mexican billionaire Fernando Chico Pardo and his family, marking a step toward Citi's plan to take the unit public.
The sale, worth 42 billion Mexican pesos ($2.28 billion), is expected to close in the second half of 2026, the bank said in a filing.
The deal values Banamex at $9.12 billion at the current foreign exchange rate. Citigroup bought Banamex in a $12.5 billion deal in 2001, at which time a source familiar with the matter said the company had more businesses than it has now.
The deal comes after a tricky three-year period where the bank struggled to find an investor or acquirer. The deal also marks the latest move in Citi’s retreat from Latin America, where the bank was once a player in retail banking in Brazil, Argentina and Colombia.
The latest stake sale triggered a goodwill impairment charge - usually recorded when an asset is sold below the price it is booked at - of $726 million for Citigroup, which will be recorded as an expense in the third quarter.
"The market was looking forward to divesting as much as possible at decent valuation. This is quite decent," said Suryansh Sharma, analyst at Morningstar Research Services.
Pardo, 73, will become chair of Grupo Financiero Banamex after the sale. Manuel Romo will remain as chief executive officer of Banamex.
"The investment from Fernando Chico Pardo, one of the most respected business leaders in Mexico, is a resounding endorsement of Banamex's strength and potential," said Citi CEO Jane Fraser in a statement.
Citigroup is working on Banamex's initial public offering to realize its full value, Fraser said, noting that the timing is subject to regulatory approvals and market conditions.
Banamex is the last international consumer banking divestiture in Fraser's streamlining plan announced in 2021. At the time, the bank committed to divesting from 14 markets across Asia, Europe, the Middle East and Mexico.
Forbes ranked Pardo as Mexico's eighth-richest person in May, and lists his net worth as $3.5 billion as of Wednesday, backed by his majority stake in Grupo Aeroportuario del Sureste (ASUR), an international airport operator. His career took off at age 27 when he founded a stock brokerage that later became part of Carlos Slim’s Inbursa Financial Group.
Pardo currently chairs ASUR, which operates airports in Mexico, Colombia, and Puerto Rico and leads his own private equity firm, Promecap. His portfolio includes significant investments in port operations and hotel properties.
($1 = 18.3890 Mexican pesos)
(Reporting by Tatiana Bautzer in New York, additional reporting by Saeed Azhar in New York, Brendan O'Boyle in Mexico City and Prakhar Srivastava ; Editing by Alan Barona, Richard Chang, Matthew Lewis and Deepa Babington)
The stake in Banamex is being bought by a company owned by Mexican billionaire Fernando Chico Pardo and his family.
The sale is valued at 42 billion Mexican pesos, which is approximately $2.28 billion.
The sale is expected to close in the second half of 2026, according to Citigroup's filing.
The sale triggered a goodwill impairment charge of $726 million for Citigroup, which will be recorded as an expense.
Citigroup is working on Banamex's initial public offering to realize its full value, pending regulatory approvals and market conditions.
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