Citigroup CEO Jane Fraser praised President Claudia Sheinbaum's support in quickly approving the sale of 25% of Banamex to businessman Fernando Chico Pardo. The deal, announced in September 2025, was completed in under three months due to government collaboration. Citi plans to sell additional minor stakes before a potential IPO.
On January 14, 2026, Citigroup CEO Jane Fraser expressed satisfaction with the accelerated approval process for selling 25% of Grupo Financiero Banamex to Mexican businessman Fernando Chico Pardo. The deal, valued at 42 billion pesos, was announced on September 24, 2025, and approved by regulators on December 15, 2025—a record time compared to the usual nine to 12 months.
Fraser highlighted Sheinbaum's government support: “We're very satisfied with that.” The executive visited Palacio Nacional several times to update the president on progress, with backing from the Secretariat of Finance and other regulatory bodies. Sheinbaum celebrated the deal in her September 25 conference: “He is a man of good reputation (...) So Banamex returns to a Mexican businessman in a legal transaction that begins with 25 percent. I consider it a very good one.”
As part of the agreement, Chico Pardo assumed the presidency of Banamex's board of directors. Citigroup decided to sell the bank in January 2022 as part of its simplification strategy, separating operations in December 2024. Now, the bank plans to sell additional minor stakes before an IPO, though CFO Mark Mason avoided committing to 2026.
Another businessman, Germán Larrea, offered $9 billion for 100% of Banamex, but Citi rejected it, stating the partial sale and IPO are the best responsible way to divest. This bid caused a 193 billion peso drop in Grupo México shares. Citigroup will retain its corporate banking unit in Mexico.
