Citi announced it has entered into agreements with several prominent institutional investors and family offices for commitments to purchase an aggregate 24% equity stake in Grupo Financiero Banamex, S.A. de C.V. as the bank advances its divestiture of Banamex.
Under the transaction agreements, the buyers have committed to acquire approximately 499 million shares of Banamex’s outstanding common stock at a fixed price of about MXN 43 billion, or roughly $2.5 billion, subject to customary purchase price adjustments. At signing, the transaction implies a price-to-local GAAP book value of approximately 0.85x and a price-to-local GAAP tangible book value of approximately 1.01x. Individual investor stakes are capped at 4.9%. The transactions remain subject to customary closing conditions, including antitrust regulatory approval in Mexico, and are expected to close in 2026.
The investor group includes General Atlantic, marking the firm’s largest growth equity investment in Mexico to date, along with Afore SURA, part of SURA Asset Management, Banco BTG Pactual, Chubb, funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority.
The agreements follow the December 2025 closing of a 25% equity investment by Banamex’s reference shareholder, Mexican businessman Fernando Chico Pardo, who serves as Chair of the Board of Directors of Grupo Financiero Banamex and is its largest individual private shareholder. He participated in the selection process and will remain involved in integrating the new minority investors.
Upon closing of the newly committed purchases, Citi will have divested 49% of Banamex. With this accelerated sell-down, Citi does not anticipate additional sales in 2026, giving the current investor group time to focus on value creation initiatives ahead of a proposed initial public offering.
The divestiture of Banamex remains a strategic priority for Citi. Decisions regarding the timing and structure of the proposed IPO, as well as any further sales, will be guided by financial considerations, market conditions, and regulatory approvals.
Separately, Citi noted that its broader exit from international consumer businesses is nearing completion, including the previously announced agreement to sell its Poland consumer business.
Support: Citi’s Banking group served as exclusive financial advisor on the transactions. Skadden, Arps, Slate, Meagher & Flom LLP acted as U.S. legal advisor, while Creel, García-Cuéllar, Aiza y Enríquez, SC and White & Case, S.C. served as Mexican legal advisors.
KEY QUOTES
“We are honored to have the backing of these buyers as we prepare for Banamex’s proposed initial public offering. Their investment is a further endorsement of Banamex’s long-term strategy, market leadership and growth prospects, and their commitment solidifies Banamex’s foundational position within Mexico’s banking system.”
Ernesto Torres Cantú, Head Of International At Citi
