Fernando Chico Pardo purchases a quarter of Banamex

A deal of 42 billion pesos was concluded between Citi and a Mexican billionaire named Fernando Chico Pardo, according to which the Mexican will purchase a 25% share in Banamex.

This Wednesday, the US group declared that Chico Pardo and his immediate family members have agreed to buy the business.

The head of Grupo Aeroportuario del Sureste will become the president of Grupo Financiero Banamex after the deal closes.

Citi CEO Jane Fraser said the investment from Fernando Chico Pardo, “one of Mexico’s most respected business leaders,” is a resounding endorsement of Banamex’s strength and potential.

“It also reflects the long-term strategic relationship we are building with Fernando as we work toward a planned IPO and realize the full value of this iconic institution for our shareholders. Banamex has long been a pillar of the Mexican banking system, and we are confident it will continue to drive long-term stability and growth,” she added, according to a statement from the U.S. group.

By total assets, Banamex ranks as Mexico’s fourth-largest financial organization, providing financial services to small and medium-sized business owners as well as consumers. 8.6 million customers use Afore, 6,000 use Business Banking, and 13.6 million use Consumer Banking.