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Citi to Sell 24% of Banamex for $2.5 Billion to Investor Consortium

The sale advances Citi’s staged exit from the Mexican lender toward a proposed public offering.

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Overview

  • Citigroup said it has entered agreements to sell a 24% stake in Grupo Financiero Banamex for about $2.5 billion, with closing expected in 2026.
  • Citi’s ownership is set to fall to 49% after completion, continuing a multi-step separation of its Mexican consumer business.
  • The buying group includes General Atlantic, a Sura unit, Banco BTG Pactual, Chubb, and funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority.
  • Each investor is limited to a stake of up to 4.9% and the deal covers 499 million shares, valuing Banamex at roughly 0.85 times book value and 1.01 times tangible book under local standards.
  • The transaction follows a 25% sale in December 2025 to a vehicle linked to Fernando Chico Pardo and remains subject to Mexican regulatory approval, with Citi signaling no additional 2026 share sales beyond this group.