Key Points:
- Major Deal: Citi has sold a 25% equity stake in Banamex to Mexican businessman Fernando Chico Pardo.
- Local Ownership: The move boosts domestic ownership in Banamex, a key player in Mexico’s banking sector.
- Strategic Shift: This sale is part of Citi’s broader strategy to exit retail banking in Mexico.
Citi announced on Wednesday that it has reached an agreement with Mexican businessman Fernando Chico Pardo and his family to sell a 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. (Banamex). The transaction marks a major step in Citi’s ongoing plan to divest Banamex through a future public listing.
Under the deal, Chico Pardo will acquire approximately 520 million Banamex shares, representing 25% of the company’s outstanding common stock, at a fixed price-to-book of 0.80 times local GAAP book value at closing. Based on current figures, this implies an estimated sales consideration of around MXN 42 billion (USD 2.3 billion). The transaction is subject to customary approvals and is expected to close in the second half of 2026.
Strengthening Banamex’s Future
Upon completion, Fernando Chico Pardo will assume the role of Chair of Grupo Financiero Banamex, while Ignacio (Nacho) Deschamps will remain Chair of Banco Nacional de México and Manuel Romo will continue as CEO of Banamex.
“This 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 Jane Fraser, CEO of Citi. “It also reflects the long-term strategic relationship we are building as we work toward a public listing and realize Banamex’s full value for shareholders.”
Banamex, the fourth-largest financial group in Mexico, serves more than 13.6 million retail clients and 6,000 commercial banking clients. Its network includes approximately 1,300 branches, 9,000 ATMs, and 8.6 million pension fund customers.
Chico Pardo emphasized that the investment is not only financial but also cultural and social in scope. “We firmly believe that Banamex and its talented team will remain a fundamental pillar supporting Mexico, its companies, and its families,” he said. “This is an expression of confidence in Mexico and a commitment to its economic, social, and cultural progress.”
Citi’s Strategic Refocus
The transaction represents a continuation of Citi’s broader strategy to streamline operations and exit international consumer businesses. In addition to Banamex, Citi recently announced the sale of its consumer operations in Poland, marking significant progress in completing these exits.
Citi will retain and expand its institutional business in Mexico, supporting multinational clients with services across trade flows, cross-border capital markets, and the country’s fast-growing manufacturing sector. According to Citi, this focus will allow the bank to leverage its global network while simplifying its business model.
To support the deal, Citi’s banking group acted as the exclusive financial advisor, with Skadden, Arps, Slate, Meagher & Flom LLP and Creel, García-Cuéllar, Aiza y Enríquez, SC serving as legal counsel. The Chico family was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP in the U.S. and Bufete Robles Miaja, S.C. in Mexico.
A New Chapter for Banamex
With Fernando Chico Pardo investment and leadership role, Banamex enters a new phase as Citi works toward a planned IPO. The partnership underscores the institution’s enduring position in Mexico’s banking system while opening opportunities for renewed growth, innovation, and cultural engagement.
For entrepreneurs and business leaders, the move signals continued confidence in the Mexican financial sector and highlights the potential of strategic partnerships to reshape legacy institutions for modern markets.
