Citigroup has agreed to sell a 24% stake in Grupo Financiero Banamex to a group of institutional investors and family offices, as part of its planned exit from its Mexican retail banking unit.
The buyers, which include organisations such as General Atlantic, Afore SURA, Banco BTG Pactual, Chubb, Blackstone-managed funds, Liberty Strategic Capital, and Qatar Investment Authority, will purchase a combined 499 million shares.
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The agreed price for the shares is approximately $2.5bn, with each buyer limited to a maximum stake of 4.9%.
The transaction values Banamex at about 0.85 times its book value and 1.01 times tangible book value according to local accounting standards.
Completion of these transactions is subject to regulatory approval in Mexico and other customary conditions.
The deals are expected to close in 2026.
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By GlobalDataThis move follows the closure in December 2025 of a separate transaction in which Fernando Chico Pardo, who chairs the Banamex board and is its largest private shareholder, acquired a 25% stake in the company.
He was involved in selecting the new shareholders and will participate in incorporating them into the business.
Upon completion of these sales, Citi will have divested 49% of Banamex.
Citi head of International Ernesto Torres Cantú said: “We are honoured 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.”
The bank confirmed it does not plan further sales in 2026, intending for the current investor group to focus on developing Banamex.
Citi said that selling Banamex remains a key objective and that any decisions about a potential public listing or further share sales will consider market conditions, financial factors, and regulatory approvals.
Outside of Mexico, Citi also noted progress towards completing the sale of its consumer banking operations internationally, including the signing of an agreement to sell its consumer business in Poland.
