US EditionBillionaire says $2.3 billion Banamex stake signals confidence in Mexico’s economy
Fernando Chico Pardo’s $2.3 billion purchase marks a partial return of Banamex to Mexican ownership amid Citi’s exit from retail banking in Latin America.
- Billionaire Fernando Chico Pardo agreed in 2025 to purchase 25% of Banamex shares from Citigroup, marking a partial return to Mexican ownership.
- This transaction follows Citigroup's 2022 decision to exit retail banking in Latin America and the 2024 spin-off completing Banamex's independence.
- The chairman of ASUR, Chico Pardo, intends to focus on advancing digital initiatives and enhancing customer experience as part of a sustained effort to support Banamex’s growth.
- The $2.3 billion investment, equivalent to 42 billion pesos, signals confidence in Mexico's economy and awaits regulatory approval, with Chico becoming Chairman and Manuel Romo staying CEO.
- The deal supports Banamex’s strategy toward an initial public offering expected late in 2025 or 2026, reflecting confidence in its operational transformation and market potential.
23 Articles
23 Articles
Billionaire says $2.3 billion Banamex stake signals confidence in Mexico’s economy
MEXICO CITY (AP) — A day after Citigroup announced it would sell a 25% stake in Banamex to billionaire Fernando Chico Pardo, the Mexican businessman said his $2.3 billion investment should be read as a sign of confidence in Mexico’s government and economic potential. The sale, which is expected to be completed next year after Mexican regulators sign off, comes after Citigroup announced in January 2022 that it was moving away from retail banking …
Fernando Chico Pardo is now the owner of at least 25 percent of Banamex. This means that he acquired about 520 million ordinary shares of the company. But it is pending that 75 percent of Banamex is also sold. According to a radio news report, the next owners of this percentage could be entrepreneurs related to Chico Pardo, or investment funds and that a part already put it on the stock market. “At the close of the operation, Fernando Chico Pard…
The next majority shareholder of Banamex, the Mexican businessman Fernando Chico Pardo, has qualified as a “dream” to return to the financial origins by acquiring 25% of the shares of the bank, with a disbursement of 2.3 billion dollars. The 73-year-old businessman, who reported that the investment will be made with own resources, ruled out raising his shareholding on the bank. “I’m not thinking of increasing my position. I consider this as a ve…
Businessman Fernando Chico Pardo said he does not plan to increase his stake in Banamex beyond 25 percent of the shares he bought from the bank. "I'm not trying to increase my position. I'm not thinking of increasing my position," Chico Pardo said at a press conference. Ernesto Torres Cantú, Citi's international director, said that in the coming months the sale of the remaining share will be considered to other investors, but he pointed out that…
Mexican business magnate buys 25% stake in Banamex, ahead of planned IPO
Fernando Chico Pardo, president of Grupo Aeroportuario del Sureste (ASUR), has agreed to purchase 25% of Banamex’s shares — equivalent to 520 million common shares — from Citigroup for an estimated sum of 42 billion pesos (US $2.3 billion). Banamex, officially Banco Nacional de México, one of the oldest and most important financial institutions in Mexico,was founded in 1884 after the merger of Banco Nacional Mexicano and Banco Mercantil Mexicano…
The president highlighted that Fernando Chico Pardo is a man of good repute and considered that they achieved “a good deal” President Claudia Sheinbaum celebrated ... La entrada Sheinbaum celebrates that Banamex returns to a Mexican businessman aparece primero en LJA.MX Noticias México.
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