Mexican business magnate buys 25% stake in Banamex, ahead of planned IPO

Fernando Chico Pardo, president of Grupo Aeroportuario del Sureste (ASUR), has agreed to acquisition 25% of Banamex’s shares — equivalent to 520 cardinal communal shares — from Citigroup for an estimated sum of 42 cardinal pesos (US $2.3 billion).

Banamex, officially Banco Nacional de México, 1 of the oldest and astir important fiscal institutions successful Mexico,was founded successful 1884 aft the merger of Banco Nacional Mexicano and Banco Mercantil Mexicano.

Citibanamex officially divided into Grupo Financiero Citi México and Grupo Financiero Banamex astatine the extremity of 2024, 1 measurement successful Citigroup’s divestment from Banamex. (Cuartoscuro)

The transaction means that a cardinal involvement successful Banamex, until present nether the power of the U.S. conglomerate Citi, is returning to Mexican ownership.

“Fernando Chico Pardo’s concern demonstrates his assurance successful Banamex’s aboriginal and the improvement of its existent strategy to proceed increasing crossed each lines of concern and advancing its integer and operational transformation,” Citi CEO Jane Fraser stated successful a written statement.

The acquisition is inactive taxable to regulatory approvals successful Mexico and is expected to beryllium completed successful the 2nd fractional of 2026.

In its statement, Citi said that Chico Pardo volition beryllium appointed Chairman of the Board of Directors of Banamex, portion Manuel Romo volition stay arsenic CEO.

“We are precise committed and blessed to beryllium portion of Banamex, an iconic instauration successful Mexico with a precise promising future,” Chico said. “We person a batch of assurance successful the squad and volition proceed moving intimately connected the translation they person already started.”

Chico explained that they privation to prioritize digitalization with peculiar absorption connected lawsuit restitution during each constituent of enactment betwixt the lawsuit and the banking institution.

“Our semipermanent committedness is to enactment unneurotic to execute amended positioning successful each areas and thereby further boost sectors, companies and radical passim the country,” Chico stressed.

The quality of Chico’s concern comes 3 years aft Citi announced its plans to divest from the slope and exit user banking successful Mexico.

As portion of Citi’s divestment from Banamex, the spin-off of Banamex and the U.S. conglomerate was finalized astatine the extremity of 2024, resulting successful 2 autarkic fiscal groups successful Mexico: Grupo Financiero Citi México and Grupo Financiero Banamex. Citi volition absorption connected firm and organization banking, portion Banamex volition service user banking. The U.S. bank’s strategy is to absorption connected ample corporations, portion a information of Banamex volition beryllium sold connected the banal marketplace done an archetypal nationalist offering (IPO).

Fraser explained that Citi continues to enactment towards an archetypal nationalist offering (IPO) for Banamex, which is expected to instrumentality spot precocious this twelvemonth oregon successful 2026.

Who is Fernando Chico Pardo?

Fernando Chico Pardo, is the eighth wealthiest idiosyncratic successful Mexico with a luck valued astatine US $2.8 billion, according to Forbes’ 2025 ranking of the wealthiest radical successful the country.

He has served connected the boards of Grupo Financiero Inbursa, Condumex, Grupo Carso, Sanborns Hermanos, Sears de México and Grupo Posadas. Since 2005, helium has served arsenic Chairman of the Board of Directors of ASUR, an planetary airdrome relation with a portfolio of concessions to operate, support and make 16 airports successful Mexico, Colombia and Puerto Rico.

With reports from El Economista and El País