Banamex Partial Sale to Fernando Chico Pardo
In 2025, the Mexican banking sector witnessed significant events, with two standing out: the sale of a quarter of Banamex to Mexican entrepreneur Fernando Chico Pardo and the decline of CIBanco and Intercam following allegations from the US Department of Treasury in June about their involvement in money laundering operations.
Banamex Sale Process
Following Citi’s January 2022 announcement to sell Banamex, a four-year process ensued. In September 2025, it was revealed that Fernando Chico Pardo would acquire 25% of Banamex. The sale was finalized in mid-December 2025, with Chico Pardo immediately appointed as the group’s president.
“Citi announced today the successful sale of approximately 25% of Grupo Financiero Banamex to a company wholly owned by Fernando Chico Pardo and members of his immediate family. As part of this agreement, effective immediately, Fernando Chico Pardo will assume the presidency of Grupo Financiero Banamex,” Citi stated.
The transaction, announced in September, received necessary approval from Mexican financial and anti-monopoly regulators. Citi and Banamex have been operating independently since December 2024, with Citi ranking eighth in assets and Banamex fourth, according to the National Banking and Securities Commission (CNBV).
Remaining Citi Stake in Banamex
Citi still needs to divest its remaining 75% stake in Banamex through a public offering on the stock market, though direct involvement from additional investors with minority stakes is not ruled out, according to recent statements by Citi executives.
Decline of CIBanco and Intercam
Another significant event in the Mexican banking sector in 2025 was the fall of CIBanco and Intercam, both long-standing players in the country. Following allegations from the US Department of Treasury in June about their involvement in money laundering, both institutions faced immediate consequences.
Within months, they were forced to sell their respective businesses. CIBanco ceased operations after its banking license was voluntarily revoked in October, and it is now in the liquidation process. Intercam, though its license remains intact, has minimal participation left in the sector after selling almost all of its businesses.
Key Questions and Answers
- Who is Fernando Chico Pardo? He is a Mexican entrepreneur who acquired 25% of Banamex in late 2025.
- What was the impact of the US Department of Treasury’s allegations on CIBanco and Intercam? Both institutions faced immediate consequences, including the forced sale of their businesses. CIBanco ceased operations and is now in liquidation, while Intercam retains minimal participation in the sector after selling most of its businesses.
- What is the current status of Citi’s remaining stake in Banamex? Citi still holds 75% of Banamex and plans to divest through a public offering, with potential direct involvement from additional minority investors.
