Citi has announced the successful completion of the sale of a ~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 this agreement, effective immediately, Fernando Chico Pardo will become Chair of Grupo Financiero Banamex.
The transaction, which was announced in September, has received the necessary Mexican financial and antitrust regulators’ approval and has met all closing conditions.
Jane Fraser, Chair and CEO of Citi said, “The closing of this transaction advances our strategic priority of divesting of 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 the 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 just a financial commitment; it's deeply personal. I'm 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 receipt of regulatory approvals.
