Citi to Sell 24% of Banamex for US$2.5 Billion Ahead of IPO

Citigroup announced on Monday that it has reached agreements to sell a 24% stake in Grupo Financiero Banamex for approximately US$2.5 billion (MX$43 billion) to a group of global institutional investors and family offices. The transaction marks a significant milestone in Citi’s four-year effort to exit consumer banking in Mexico and transition the legacy Banco Nacional de México brand toward an initial public offering (IPO).

The buyer consortium includes General Atlantic, Afore Sura, BTG Pactual, Chubb and funds managed by Blackstone, Liberty Strategic Capital and the Qatar Investment Authority (QIA). To ensure a diversified ownership structure, Citi established a 4.9% ownership cap per individual investor, preventing any single entity from exercising unilateral control over the bank.

“Citi announced today that it has entered into agreements with several prominent institutional investors and investment offices of high-net-worth family estates to acquire equity stakes in Grupo Financiero Banamex,” the New York-based financial services group said. The transaction involves approximately 499 million ordinary shares and remains subject to regulatory approval from Mexico’s National Anti-Monopoly Commission (CNA), with closing expected in 2026.

Consolidated Ownership and Strategic Direction

The new agreements follow the December 2025 closing of a 25% stake sale to Mexican businessman Fernando Chico Pardo for approximately US$2.3 billion (MX$42 billion), as reported by MBN. Chico Pardo,  chairman of airport operator Grupo Aeroportuario del Sureste (Asur), is now Banamex’s largest individual private shareholder and serves as chairman of its board.

With the latest transaction, Citi has divested a combined 49% stake in Banamex. The firm indicated it does not anticipate additional stake sales in 2026, allowing the reconstituted shareholder base to focus on operational strengthening and value creation ahead of the IPO. Chico Pardo participated in the selection of the new minority investors and will oversee their integration into the bank’s governance structure.

Ernesto Torres Cantú, Head, Citi International, underscored the strategic importance of the incoming investors. “We are honored to have the support of these buyers as we prepare for Banamex’s initial public offering. Their investment is an additional endorsement of Banamex’s long-term strategy, its market leadership and its growth prospects. Their commitment strengthens Banamex’s position within the Mexican banking system,” he said.

Global Strategy and Market Position 

The divestiture process began in January 2022 as part of CEO Jane Fraser’s broader strategy to refocus Citigroup on institutional banking and wealth management in key markets. Citi recently reached an agreement to sell its consumer operations in Poland, and the Banamex transaction represents one of the final steps in its international retail banking exit.

“Excluding the divestment of Banamex, with the agreement to sell Citi’s consumer business in Poland, Citi’s exit from international consumer businesses is now close to completion,” the company stated.

Banamex, which includes the commercial banking franchise, its retirement fund administrator (Afore), insurance operations and a significant cultural heritage portfolio, now operates independently from Citigroup’s institutional business in Mexico. Within the domestic financial system, Banamex ranks fourth in total assets, while Citi’s remaining corporate and investment banking operations rank eighth.

IPO Outlook and Leadership

Although the 49% divestment provides immediate capital, Citi retains a 51% stake that it intends to monetize through a public listing. The company said that “any decision regarding the timing and structure of the proposed IPO of Banamex and any additional share sales will be guided by financial considerations, market conditions and regulatory approvals.”

Manuel Romo remains chief executive officer of both the financial group and the bank. Under current management and board oversight led by Chico Pardo, Banamex said it will continue investing in digital capabilities and customer experience initiatives to strengthen its competitive positioning.

Chico Pardo, who resigned from the board of BBVA Mexico in October 2025 to lead Banamex,  emphasized the institution’s historical role in the country’s development. “Becoming Banamex’s largest private individual shareholder is both a responsibility and a personal commitment,” he said. “My family and I are committed to preserving the bank’s role in Mexico’s economic development.”

Investor Profiles

The participation of private equity firms and sovereign wealth funds signals preparation for public market scrutiny and balance sheet optimization.

• General Atlantic: This represents its largest growth capital investment in Mexico to date.

• Blackstone: Participating through its managed alternative asset funds.

• Chubb: An existing partner in non-life insurance distribution with the bank.

• Qatar Investment Authority (QIA): Qatar’s sovereign wealth fund, investing public capital globally.

• BTG Pactual: One of Latin America’s largest investment banks, reinforcing its strategic presence in Mexico.

Chico Pardo’s initial 25% stake was acquired at approximately 0.8 times Banamex’s book value under Mexican accounting standards.