Citigroup announced the successful closing of the sale of a 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. to a company owned by businessman Fernando Chico Pardo and members of his immediate family. Thus begins the “Chico Pardo Era” at this Mexican institution, which just last year celebrated its 140th anniversary.
As part of this agreement, with immediate effect, Fernando Chico Pardo will assume the role of Chairman of the Board of Directors of Grupo Financiero Banamex. For its part, the bank confirmed the previous announcement that Manuel Romo will remain as CEO of both the Financial Group and the Bank, along with his entire executive team; additionally, Ignacio Deschamps will continue as Chairman of the Board of Banco Nacional de México.
The announcement follows the transaction disclosed in September having received all necessary approvals from Mexican financial and antitrust regulators, thus fulfilling all conditions for the definitive closing of the deal.
Jane Fraser, Chair and CEO of Citi, stated: “The closing of this transaction brings us closer to our strategic priority of divesting Banamex and places it in the hands of one of Mexico’s most successful investors. It also allows us to double down on our commitment to our institutional business in Mexico, investing in platforms, talent, and relationships that will strengthen our leadership position and deliver sustained growth for our clients and shareholders.”
For his part, the new Chairman of the Financial Group, Fernando Chico Pardo, added: “The closing of this transaction marks the beginning of my journey as Banamex’s largest individual private shareholder. This project is more than a financial commitment—it is deeply personal. I am proud to lead it alongside my children, ensuring that Banamex remains a pillar of Mexico’s future.”
Banamex stated in a press release: “The investment made by Chico Pardo reflects confidence in Banamex’s future and in the development of its current strategy to continue growing across all business lines, advancing in its digital and operational transformation, and strengthening its leadership thanks to customer preference.”
“For Citi, the divestment of Banamex remains a strategic priority, and this step brings it closer to achieving that goal. As previously stated, any decision regarding the timing and structure of the proposed Banamex IPO will continue to be guided by various factors, including market conditions and regulatory approvals.”
Market analysts noted that it is practically certain that by the second half of next year, Banamex will be fully separated from Citi. Some even predict that conditions are already in place for the long-anticipated IPO to be announced sometime during the first half of the year on the Mexican Stock Exchange.
Last Thursday, during the year-end luncheon with Mexican media, executives from the BMV (Bolsa Mexicana de Valores) declined to confirm or deny the upcoming listing of Banamex shares on the national market.
