Background on Chico Pardo and His Relevance
Fernando Chico Pardo is a prominent Mexican businessman, also holding the majority stake in Asur. His recent agreement with Citi to acquire 25% of Banamex for 42,000 million pesos has positioned him as a key figure in Mexico’s banking sector.
Details of the Agreement
On September 24, Citi announced its agreement with Chico Pardo to sell a 25% stake in Banamex. The deal, subject to standard closing conditions including regulatory approvals in Mexico, is expected to close in the second half of 2026. Upon completion, Chico Pardo will be appointed as the chairman of Banamex’s board of directors.
Jane Fraser, Citi’s CEO, praised the investment by Chico Pardo, stating it supports Banamex’s strength and potential. She also highlighted the long-term strategic relationship being built with Pardo, working towards a planned IPO and maximizing the value of this iconic institution for shareholders.
Chico Pardo’s Intentions
During a subsequent press conference, Chico Pardo clarified that he does not intend to hold more than 25% of Banamex shares. Ernesto Torres, Banamex’s president, confirmed that additional investors would be minorities while Chico Pardo remains the majority shareholder.
Chico Pardo’s Goals for Banamex
At the press conference held at Banamex’s headquarters, Chico Pardo emphasized his intention to continue contributing to Banamex’s growth as a leading and benchmark bank in Mexico, focusing on customer-centricity and business expansion.
- Prioritize investments for technological transformation: Chico Pardo aims to prioritize investments that drive Banamex’s technological transformation, making it a customer-focused organization.
- Accelerate credit placement and market growth: He intends to accelerate credit distribution and ensure Banamex’s growth surpasses market rates, re-establishing its presence in markets where it currently has no participation.
- Expedite Citigroup’s decorporation: Chico Pardo aims to expedite the process of returning Banamex to Mexican ownership as swiftly as possible.
Impact on Banamex and the Mexican Banking Sector
Chico Pardo’s involvement in Banamex is expected to bring significant changes, focusing on customer satisfaction, technological advancements, and market growth. His strategic partnership with Citi and intent to prioritize Mexican ownership could reshape Banamex’s position within the Mexican banking sector.
