For Immediate Release Citigroup Inc. (NYSE: C)
Citi Announces Completion of 22.6% of Sale of Equity Stake in Banamex
NEW YORK – Citi today announced the completion of the previously announced sale of 22.6% of the 24% equity stake in Grupo Financiero Banamex, S.A. de C.V. (“Banamex”) to several prominent institutional investors and family offices. The investors in these transactions, which were announced in February, have received required Mexican antitrust regulator’s approvals and have met all closing conditions. The sale of the remaining 1.4% equity stake is expected to be completed in the coming months.
Upon closing of the 24% committed investments, combined with the acquisition of a 25% equity stake by Fernando Chico Pardo, as the reference shareholder, Citi will have sold 49% of Banamex in the aggregate. With this accelerated sell-down of Banamex, Citi does not anticipate any additional sales in 2026, allowing the current investor group time to drive value creation.
We are pleased to finalize these investments from a group of renowned investors, whose engagement signals their confidence in Banamex’s strategic vision and promising growth trajectory, as well as the strength of Mexico’s financial sector."
Fernando Chico Pardo, Chairman of the Board of Banamex said, “We take great pride in these partners’ commitment to Mexico and its outlook, in addition to their confidence in our management of Banamex. The closing of these transactions, together with my acquisition of a 25% stake, will place nearly 49% of Banamex in the hands of new investors, bringing us closer to completing the divestment process from Citi”.
As previously noted, the divestiture of Banamex remains a strategic priority for Citi. Any decisions related to the timing and structure of the proposed Banamex initial public offering (“IPO”) and any additional sales will continue to be guided by several factors, including, among other things, financial considerations, market conditions and receipt of regulatory approvals.
Citi’s Banking group acted as the exclusive financial advisor to Citi on the transactions. Skadden, Arps, Slate, Meagher & Flom LLP is acting as Citi’s U.S. legal advisor and White & Case, S.C. is acting as Citi’s Mexican legal advisor.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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Danielle Romero-Apsilos danielle.romeroapsilos@citi.com
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Jennifer Landis investorrelations@citi.com
Certain statements in this press release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, (i) macroeconomic and local market conditions, including those related to the banking sector; (ii) the significant complexities, execution challenges and uncertainties involving the divestiture of Banamex; (iii) political, legislative, regulatory, or tax uncertainties in Mexico; and (iv) the precautionary statements included in this release. These factors also consist of those contained in Citi’s filings with the U.S. Securities and Exchange Commission, including, without limitation, the “Risk Factors” section of Citi’s 2025 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offers, solicitations or offers to buy or any sales of securities in the United States will be made in accordance with the registration requirements of the U.S. Securities Act of 1933.
The inclusion of forward-looking statements should not be regarded as a representation that any transaction shall be consummated, including the proposed IPO of Banamex, or that Citi will achieve its plans, estimates and expectations with respect to such transaction. Investors are cautioned not to place undue reliance on these forward-looking statements.