Citi announces the sale of 24% of Banamex to an investment group

Citi declared that it had reached agreements with investors who agreed to pay for 24% of Banamex’s regular actions.

The information is a component of the United States group’s strategy to exit the minority banking industry and their aim to launch a public initial offer by Banamex.

The buyers include investors such as General Atlantic (the acquisition is their largest capital investment to date in Mexico, according to Citi), Afore SURA, Banco BTG Pactual, Chubb. Funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority.

In a statement, Citi explained that the transactions are expected to be finished in 2026 and are subject to typical closing conditions. Such as receiving permits from the Mexican antitrust commission.

The buyers agreed to purchase roughly 499 million common shares at a set price of 43 billion pesos, according to the statement.

According to the explanation, this amounts to a price to book value of 0.85 times for the company and a price to tangible book value of 1.01 times. For the company under Mexican accounting standards.

The aforementioned agreements add to the 25% equity investment that Banamex’s reference shareholder, Fernando Chico Pardo. The chairman of Grupo Financiero Banamex’s board of directors and the company’s largest individual private stakeholder, will close in December 2025.

Also read: Banorte increase market share; Carlos Hank