Citigroup has finalized the sale of 22.6 percent of its stake in Grupo Financiero Banamex—part of its ongoing divestiture process—to institutional investors and family offices. The deal, announced in February following the prior 25% sale to Fernando Chico Pardo's group, leaves 1.4 percent of the total 24 percent stake remaining for completion in coming months. Most transactions have secured approvals from Mexico's competition regulator.
The transaction involved prominent buyers including General Atlantic, Afore SURA, Banco BTG Pactual, Chubb, funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority (QIA). All stakes have met closing conditions and received regulatory approvals.
"We are pleased to close these transactions with a group of renowned investors, whose commitment demonstrates confidence in Banamex's strategic vision and promising growth trajectory, as well as in the strength of the Mexican financial sector," said Ernesto Torres Cantú, director of Citi International.
Fernando Chico Pardo, chairman of Banamex's board, noted that this deal, combined with his group's 25 percent acquisition, places nearly 49 percent of shares in new investors' hands. Citi does not anticipate additional sales in 2026 and views Banamex's divestiture as a strategic priority, with a potential initial public offering depending on market conditions and regulatory approvals.
