NEW YORK – Citigroup today announced the successful completion of the sale of an approximately 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. (“Banamex”), to a company wholly owned by Fernando Chico Pardo and members of his immediate family. As part of the agreement, and with immediate effect, Fernando Chico Pardo will become chair of Grupo Financiero Banamex.

The transaction, which was announced in September, has received the necessary approvals from Mexican financial and antitrust regulators and has satisfied all closing conditions.

Jane Fraser, chair and chief executive of Citi, said: “The closing of this transaction advances our strategic priority of divesting Banamex and places it in the hands of one of Mexico’s most successful investors. It also allows us to redouble our commitment to our institutional business in Mexico, investing in platforms, talent and relationships that will solidify our leadership position and deliver sustained growth for our clients and shareholders.”

Fernando Chico Pardo said: “The closing of this transaction begins my journey as Banamex’s largest private individual shareholder. This project is more than a financial commitment; it is deeply personal. I am proud to lead this with my sons, ensuring Banamex remains a cornerstone of Mexico’s future.”

As previously noted, any decisions related to the timing and structure of the proposed Banamex initial public offering (IPO) will continue to be guided by several factors, including market conditions and the receipt of regulatory approvals.

Re-disseminated by The Asian Banker