Citigroup announced on Monday that it has signed agreements to sell a 24% stake in Banamex to a group of institutional investors and family offices for approximately US$2.5 billion (RM9.74 billion).
The investor group includes General Atlantic, Afore Sura (a unit of Colombia’s Sura), Brazil’s BTG Pactual, Chubb, and funds managed by Blackstone, Liberty Strategic Capital and the Qatar Investment Authority.
Once the transaction is completed — expected later this year — Citi’s ownership in Banamex will be reduced to 49%. Each investor will be allowed to acquire up to a 4.9% stake.
The sale follows an earlier transaction in December, when Citi sold a 25% stake in Banamex to Mexican businessman Fernando Chico Pardo, who currently chairs the bank’s board. Pardo is involved in the latest agreement with the new minority investors.
Citi said it does not expect to carry out further share sales in 2026, giving the current investor group time to enhance the bank’s value.
The bank also confirmed that it still plans to proceed with Banamex’s proposed initial public offering (IPO). According to Citi’s head of International, Ernesto Cantu, the timing and structure of the IPO will depend on market conditions, financial factors and regulatory approvals.
