LatinNews Daily - 06 October 2025

*Grupo México, Mexico’s largest conglomerate owned by businessman Germán Larrea, has submitted an offer to buy full control of Banamex, the Mexican retail bank owned by US multinational investment bank and financial services corporation Citigroup Inc. In a letter submitted to Mexico’s stock exchange (BMV), Grupo México says the offer showed its “unwavering confidence” in Mexico and that the purchase would return Banamex to competitivity. Under the offer, Grupo México would purchase 25% of Banamex at 0.85 times its book value, and the remaining 75% at 0.80 times the book value. The offer comes after Citigroup announced the sale of a 25% equity stake in the bank to Mexican billionaire Fernando Chico Pardo on 24 September. In a statement sent to newswire Reuters, Citigroup said that it had not yet received Grupo México’s offer, but that the deal to sell a stake to Chico Pardo and list the rest was still its preferred outcome. In its offer letter, Grupo México acknowledges the deal with Chico Pardo, stating that if the businessman decided to maintain his participation, its proposal would be to acquire the remaining 75% at 0.80 times book value. According to Bloomberg, Larrea’s offer would value Banamex slightly higher than the roughly US$9bn implied by Chico Pardo’s bid of US$2.3bn for a 25% stake, assuming the terms are similar. Grupo México had previously been in talks with Citigroup to buy Banamex back in 2023, although these negotiations ultimately fell through.

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