By Tatiana Bautzer
(Reuters) -Citigroup said on Wednesday it has agreed to sell a 25% stake in Grupo Financiero Banamex to a company owned by Mexican billionaire Fernando Chico Pardo and his family, marking a step toward Citi’s plan to take the unit public.
The sale, worth 42 billion Mexican pesos ($2.28 billion), is expected to close in the second half of 2026, the bank said in a filing. The deal values Banamex at $9.12 billion at the current foreign exchange rate.
Fernando Chico Pardo will become chair of Grupo Financiero Banamex after the sale. Manuel Romo will remain as chief executive officer of Banamex.
“The investment from Fernando Chico Pardo, one of the most respected business leaders in Mexico, is a resounding endorsement of Banamex’s strength and potential,” said Citi CEO Jane Fraser in a statement.
Citigroup is working on Banamex’s initial public offering to realize its full value, Fraser said, noting that the timing is subject to regulatory approvals and market conditions.
Pardo founded a brokerage that became part of Grupo Financiero Inbursa. He is a controlling shareholder in airport holding Grupo Aeroportuario del Sureste and also runs private equity fund Promecap.
The stake sale triggered a goodwill impairment charge by Citigroup of $726 million, which will be recorded as expense in the third quarter, Citigroup said.
($1 = 18.3890 Mexican pesos)
(Reporting by Tatiana Bautzer in New York and Prakhar Srivastava in Bengaluru; Editing by Alan Barona and Richard Chang)
