Background on Key Figures and Institutions
BBVA Mexico, a prominent banking institution in Mexico, recently experienced changes within its board of directors. Fernando Chico Pardo, one of the substitute council members, resigned from his position effective October 28, 2025. This development comes shortly after Citi, the current owner of Banamex, announced an agreement with Mexican entrepreneur Fernando Chico Pardo to acquire 25% of Banamex’s shares. The transaction is expected to close in the second half of 2026.
Who is Fernando Chico Pardo?
Fernando Chico Pardo is a well-known Mexican businessman with extensive experience in the financial sector. His resignation from BBVA Mexico’s board comes as he prepares to take on new responsibilities following the acquisition agreement with Citi.
Why is BBVA Mexico Relevant?
BBVA Mexico is a significant player in the Mexican banking industry, offering a wide range of financial services to individuals and businesses. Its board of directors plays a crucial role in guiding the institution’s strategic decisions and ensuring its continued success.
Key Events and Decisions
- Fernando Chico Pardo’s Resignation: The assembly of BBVA Mexico shareholders approved Fernando Chico Pardo’s resignation as substitute council member, effective October 28, 2025.
- Citi-Banamex Agreement: Citi, the current owner of Banamex, announced an agreement with Fernando Chico Pardo to acquire 25% of Banamex’s shares, expected to close in the second half of 2026.
- Rafael Salinas Martínez’s Appointment: Rafael Salinas Martínez, a current member of BBVA Mexico’s council of administrators, was appointed as a substitute council member, effective October 28, 2025.
- Board Member Ratifications: The assembly of shareholders ratified the remaining members of BBVA Mexico’s council of administrators, including Jaime Serra Puche as president and Eduardo Osuna Osuna as vicepresident.
Key Questions and Answers
- Who is Fernando Chico Pardo? Fernando Chico Pardo is a renowned Mexican businessman with substantial experience in the financial sector.
- Why did Fernando Chico Pardo resign from BBVA Mexico’s board? Fernando Chico Pardo resigned from BBVA Mexico’s board to prepare for his new responsibilities following the acquisition agreement with Citi regarding Banamex.
- What is the significance of the Citi-Banamex agreement? The agreement between Citi and Fernando Chico Pardo involves the acquisition of 25% of Banamex’s shares, expected to close in the second half of 2026.
- Who was appointed as Fernando Chico Pardo’s replacement on BBVA Mexico’s board? Rafael Salinas Martínez, a current member of BBVA Mexico’s council of administrators, was appointed as a substitute council member.
