Chico Pardo Exits BBVA Mexico Board Ahead of Banamex Takeover

Mexican businessman Fernando Chico Pardo has resigned from the Board of Directors of BBVA Mexico, the country's largest bank, following an agreement to acquire a stake in Banamex.

Chico Pardo’s resignation, which he submitted on June 26, took effect on Oct. 28, according to resolutions from BBVA Mexico’s ordinary shareholders’ meeting.

On Sep. 24, Citigroup announced it would sell a 25% stake in Grupo Financiero Banamex to Chico Pardo and his family. Once the transaction closes, expected in the second half of 2026, he is slated to become President of Banamex’s Board of Directors. Citigroup projects he will also become the anchor shareholder of Banamex, Mexico’s fourth-largest bank by assets.

Chico Pardo, founder and president, Promecap, a leading asset manager, had served on BBVA Mexico’s board since 2009. BBVA shareholders appointed Rafael Salinas Martínez de Lecea, an existing board member, as alternate director to fill the vacancy.

In addition, Chico Pardo chairs the Board of Directors of Grupo Aeroportuario del Sureste (Asur) and sits on the boards of Grupo Carso, Soma Management, Acosta Verde, Grupo Industrial Saltillo, and GEPP.