Citigroup said on Monday it has entered into agreements to sell a 24% stake in Banamex for approximately $2.5 billion. The buyers comprise a consortium of institutional investors and family offices.
Among the investors are General Atlantic, Afore Sura, a unit of Grupo Sura, BTG Pactual, Chubb, and funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority. Therefore, the transaction broadens the shareholder base with a mix of global financial sponsors and institutional capital.
Ownership Structure Adjustment
Upon completion, which the bank expects later this year, Citigroup will reduce its stake in the Mexican unit to 49%. Additionally, each investor in the consortium may acquire up to 4.9%, thereby ensuring a diversified minority structure.
These agreements follow the December sale of a separate 25% equity stake to Fernando Chico Pardo, Banamex’s current chair. Consequently, the latest transaction represents a continuation of the phased ownership transition strategy. Pardo participated in the process and will engage with the new minority investors under the revised structure.
IPO Plans Remain Under Review
In a statement, the bank said it “does not anticipate any additional sales in 2026, allowing the current investor group time to drive value creation.” As a result, management intends to stabilise the shareholder base before pursuing further divestments.
Ernesto Cantu, Citi’s Head of International, said the bank continues to plan for a proposed initial public offering of Banamex. However, the timing and structure will depend on market conditions, financial considerations, and regulatory approvals.
