US EditionBillionaire says $2.3 billion Banamex stake signals confidence in Mexico’s economy
The $2.3 billion sale advances Citi's plan to take Banamex public amid its exit from international retail banking, with Banamex valued at $9.12 billion, Citi said.
- 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.
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60 Articles
After more than 3 os and a half that Citi announced sale of Banamex, finally found buyer: the Mexican businessman Fernando Chico Pardo.
Fernando Chico Pardo, the eighth most wealthy businessman in the country, bought from the US consortium Citigroup a quarter of the National Bank of Mexico (Banamex) for 42 billion pesos, an operation that marks the return of a piece of that institution to national hands, both companies confirmed.
Mexican tycoon Fernando Chico Pardo agreed to purchase 25% of the shares of the local bank Banamex, a personal banking unit of the U.S. giant Citi, in an operation valued at about $2.3 billion, the company reported on Wednesday.Chico Pardo is involved in various businesses, including the operation of ports in the United States and Latin America, luxury hotels and airports. Banamex, for its part, is Mexico's fourth largest financial group, accord…
Mexico City, Sep 24 (EFE).- Citigroup reported this Wednesday that a company owned by Mexican businessman Fernando Chico Pardo and his family agreed to acquire 25% of the shareholding of Grupo Financiero Banamex. The transaction, which is subject to usual conditions of closure and the approval of the Mexican regulatory authorities, is expected to conclude in the second half of 2026, according to Citi in a statement. The participation of the eigh…
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