LatinNews Daily - 25 September 2025

*US multinational investment bank and financial services corporation Citigroup Inc has announced the sale of a 25% equity stake in Mexican retail bank Banamex to Mexican billionaire Fernando Chico Pardo for a total of US$2.3bn. According to a Citigroup statement, the transaction, which is part of a “planned public listing of Banamex”, is expected to be completed in the second half of 2026, and is in line with Citi’s goal of divesting its international consumer businesses. Late last year, Citigroup said that it had finalised the separation of Banamex from its institutional banking business in Mexico, a process first announced in January 2022. Chico Pardo, who will become the chair of Banamex after the sale, is a former CEO (1992-1997) of Inbursa, the financial group owned by the Mexican tycoon Carlos Slim, and is the founder, president and CEO of Mexican investment management firm Promecap. He is also a controlling shareholder in Mexican airport operator Grupo Aeroportuario del Sureste (Asur), and the largest individual shareholder of Carrix (port operations), among other interests. According to the Citigroup statement, Banamex is the fourth-largest financial group in Mexico by total assets and has an extensive distribution network of 1,300 branches, 9,000 ATMs, 13.6m retail banking clients, 6,000 commercial banking clients, and 8.6m pension fund management customers.

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