Citi and Mexican businessman Fernando Chico Pardo reached an agreement for which the Mexican businessman will acquire 25% shareholding in Banamex, an operation valued at 42,000 million pesos.
The American group announced on Wednesday that a total property company of Chico Pardo and members of their immediate family agreed to purchase.
At the close of the operation, the president of the Southeast Airport Group will be appointed president of the Banamex Financial Group.
Ignacio Deschamps will remain as president of the Banamex and Manuel Romo banking business will also remain as its general director.
Rotundo support for the strength of Banamex: CEO of Citi
The CEO of Citi, Jane Fraser, said that Fernando Chico Pardo’s investment, “one of the most respected business leaders in Mexico,” is a resounding support for Banamex’s strength and potential.
“It also reflects the long -term strategic relationship that we are building with Fernando while we work towards a planned leaving and we materialize the total value of this iconic institution for our shareholders. Banamex has long been a pillar of the Mexican banking system and we trust that it will continue to promote stability and long -term growth,” he added according to a statement from the US group.
Find out: Profile: Fernando Chico Pardo, next president of the Banamex Financial Group
They trust what operation is completed in 2026
Banamex detailed in a statement that the operation announced on Wednesday is subject to usual closure conditions, including obtaining regulatory authorizations in Mexico, and hoped that it will be completed in the second half of 2026.
“Fernando Conjuga Strategic Vision, Operational Excellence and a future project with excellence to our clients to the center and based on our talent, as well as a deep commitment to Mexico and great confidence in their growth prospects,” said Manuel Romo, according to Banamex.
Investing in Mexico is the best option: Fernando Chico Pardo
Meanwhile, Fernando Chico Pardo said that under his leadership he will continue to work very closely in the transformation initiated and the streamlining of digitalization.
“We believe that Banamex’s historical vocation is to support the country and its people, and that is combined with our firm conviction that investing in Mexico is the best option for its potential. Our long -term commitment is to work together in order to achieve a better positioning in all areas and thereby further boost sectors, companies and people throughout the country,” he said according to Banamex.
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Banamex’s disinvestment remains a priority: citi
Citi reiterated that Banamex’s disinvestment remains a strategic priority, and that any related decision on the date or structure of the proposed initial public offer will continue to guide themselves by several factors, including market conditions and obtain regulatory authorizations.
“The transaction announced today also promotes Citi’s goal of disinvesting in its international consumer businesses and simplifies the company’s management to focus on its five interconnected businesses,” said the US firm.
He said that in addition to the divestment in Banamex, with the recent announcement of the signing of an agreement for the sale of the CITI consumption business in Poland, the divestment in these consumer businesses is already complete or close to completing.
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Banamex is the fourth largest financial group in Mexico for total assets, and offers financial services to consumers and owners of small and medium enterprises; It has 13.6 million consumer banking customers, 6,000 business banking clients and 8.6 million customers from your Afore business.
This note was originally published at 2:42 p.m. and updated at 3:55 p.m.
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