US EditionBillionaire says $2.3 billion Banamex stake signals confidence in Mexico’s economy
- On Wednesday, Citigroup revealed it will sell a 25% ownership interest in Banco Nacional de México to an investment vehicle controlled by Mexican businessman Fernando Chico Pardo for approximately $2.3 billion, implying a valuation of about $9.1 billion for Banamex.
- This sale follows Citi's long-term plan since 2021 to divest retail operations in foreign markets, including Mexico, amid a challenging three-year search for investors.
- Fernando Chico Pardo, chairman of airport operator ASUR and leader of private equity firm Promecap, will become Banamex's chair while CEO Manuel Romo remains, and Citi plans an IPO subject to approvals and market conditions.
- Citi will recognize a $726 million goodwill impairment charge this quarter related to the stake sale, and CEO Jane Fraser described Pardo's involvement as a strong vote of confidence in Banamex’s durability and future prospects.
- The transaction signals confidence in Mexico's economic future and represents a strategic priority for Citi, which aims to realize Banamex's full value and support its ongoing role in Mexico's banking system.
76 Articles
76 Articles
Yesterday, President Claudia Sheinbaum Pardo celebrated the partial sale of Banamex, noting that in the terms in which it was concluded “returns a Mexican businessman in a legal transaction that begins to take place at 25 percent. I think it’s a very good one, it’s good news.”
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…
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