Chico Pardo Family to Buy 25% Stake in Banamex

Citigroup announced that a company wholly owned by Mexican businessman Fernando Chico Pardo and his immediate family has agreed to acquire a 25% equity stake in Grupo Financiero Banamex (“Banamex”). The transaction covers approximately 520 million common shares at a fixed price-to-book ratio of 0.80 times the local GAAP book value at closing. At signing, this represents a price-to-tangible book value of 0.95 times, with a total estimated consideration of around MX$42 billion (US$2.3 billion). The deal is subject to customary closing conditions, including regulatory approvals in Mexico, and is expected to finalize in the second half of 2026.

Citi indicated that this divestiture remains a strategic priority and that decisions regarding the timing and structure of the proposed Banamex initial public offering (IPO) will continue to depend on market conditions and regulatory approvals. “The investment is a resounding endorsement of Banamex’s strength and potential. It is also a reflection of the long-term strategic relationship we are building with Fernando as we work towards a planned public listing and realize the full value of this iconic institution for our shareholders,” said Jane Fraser, CEO, Citi. 

Upon closing, Fernando Chico Pardo will be appointed Chair of Grupo Financiero Banamex. Ignacio Deschamps will continue as Chair of Banco Nacional de México, and Manuel Romo will remain Chief Executive Officer of Banamex. “This investment symbolizes our commitment to advance projects that strengthen Mexico’s development. We firmly believe that Banamex and its talented and experienced team will continue to be a fundamental pillar supporting Mexico, its companies and its families. For our family, this is more than a business decision; it is an expression of confidence in Mexico and an assertion of our commitment to its economic, social and cultural progress,” said Chico Pardo.

The transaction led Citi to record a goodwill impairment charge of approximately US$26 million in All Other—Legacy Franchises for 3Q25, which Citi noted is capital neutral. Citi will continue to maintain and grow its institutional business in Mexico, leveraging the country’s manufacturing sector and integration into global supply chains.

Banamex is Mexico’s fourth-largest financial group by total assets and operates a network of roughly 1,300 branches, 9,000 ATMs, 13.6 million retail banking clients, 6,000 commercial banking clients, and 8.6 million pension fund management customers. Chico Pardo, 73, is among Mexico’s ten wealthiest individuals. He previously founded Casa de Bolsa Acciones y Asesoría Bursátil, later acquired by Grupo Financiero Inbursa, and has held leadership roles at Promecap and Grupo Aeroportuario del Sureste (ASUR).