Citigroup Sells 24% of Banamex to Private Investors, Including Chubb and Sura

Citigroup has announced the sale of a 24% stake in Banamex for 43 billion pesos (approximately 2.5 billion USD) to a consortium of private investors, including General Atlantic, Chubb, Sura, and Qatar's sovereign wealth fund, according to La Jornada. This transaction marks a notable shift in Citi's involvement in the Mexican banking market and is expected to close by 2026 following regulatory approval, as reported by Aristegui Noticias.

The group of buyers extends beyond these names to include Blackstone funds, Liberty Strategic Capital, BTG Pactual, and individual investors such as Televisa co-CEOs Alfonso de Angoitia and Bernardo Gómez, per El Financiero and Expansion MX. Each investor's share is capped at 4.9%, with Fernando Chico Pardo leading the new ownership group expected to control 49% of Banamex following the sale.

Banamex's board, chaired by Fernando Chico Pardo, highlighted that this strategic sale aims to strengthen the bank’s customer-centric approach and leadership within Mexico’s financial sector, according to Lopez Doriga Digital. Citigroup plans to retain a corporate and brokerage presence in Mexico while exploring further measures including a potential initial public offering (IPO) for Banamex.

This sale reflects Citi’s broader strategy to reduce its retail banking footprint in Mexico while enabling Banamex to operate under a diversified ownership structure. Next steps involve securing antitrust approvals, with the deal projected to be finalized by 2026, signaling ongoing restructuring in Mexico's banking landscape.