After the sale of 25% of the shares of the Mexican bank Banamex to Mexican businessman Fernando Chico Pardo was completed in December 2025, this Monday Citigroup, the bank’s owner, announced the sale of another equity stake.
Citi sold 24% of Banamex’s shares to a group of companies as well as to Family Offices; among the firms that acquired part of Banamex’s shareholding are names such as General Atlantic (its largest growth capital investment in Mexico to date), Afore SURA (a member of SURA Asset Management), Banco BTG Pactual (reaffirming its commitment to Mexico), Chubb (current partner for non-life insurance distribution), as well as funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority (QIA).
“We are honored to have the support of these buyers as we prepare for Banamex’s initial public offering,” said Ernesto Torres Cantú, Head of Citi International.
The executive also stated: “Their investment is an additional endorsement of Banamex’s long-term strategy, its market leadership, and its growth prospects. The commitment of these investors strengthens Banamex’s fundamental position within the Mexican banking system.”
If the transaction is authorized by the relevant authorities in Mexico, Citi will have sold 49% of Banamex and, according to the institution, it does not foresee additional sales for the remainder of 2026.
According to the information, Citi sold a total of 24% (around 499 million shares) of Banamex’s common shares, at a fixed price of 43 billion pesos (around $2.5 billion); for the firm, this implies a price-to-book value under Mexican accounting standards of 0.85 times and a price-to-tangible-book value of 1.01 times under Mexican accounting standards, subject to customary purchase price adjustments.
Citigroup reported that each investor’s equity stake has been limited to a maximum of 4.9% of the total. The transactions are subject to customary closing conditions, including obtaining approvals from Mexico’s antitrust regulator, and are expected to be completed in 2026.
Chico Pardo Remains the Largest Individual Shareholder
Fernando Chico Pardo, current Chairman of the Board of Directors of Banamex, remains the largest individual shareholder, following the completion in December of his purchase of 25% of the bank’s shares. As its largest private individual shareholder, he actively participated in the selection process and will be actively involved in integrating the new minority investors into Banamex.
“The divestiture of Banamex remains a strategic priority for Citi. Any decision regarding the timing and structure of Banamex’s proposed initial public offering (‘IPO’) and any additional sale will continue to be guided by various factors, including, among others, financial considerations, market conditions, and obtaining regulatory approvals,” Citi said in its statement announcing the new sale of 24% of the bank’s shares.
