Key Details of the Acquisition
After nearly four years since the announcement of Banamex’s sale by its then-owner, American Citigroup, the future of this Mexican bank appears to be taking shape.
Citi announced on Wednesday that a company owned by entrepreneur Fernando Chico Pardo and his close family will purchase a stake in Grupo Financiero Banamex.
“Under this operation, Fernando Chico Pardo will acquire 25% (520 million shares) of Banamex’s ordinary shares at a fixed price based on accounting book value, 0.80 times its book value under Mexican accounting criteria at the closing date,” Citi detailed in a statement.
The company further explained that this translates to an estimated total compensation of 42 billion pesos based on a tangible value under Mexican accounting criteria, 0.95 times its book value.
“The operation is subject to standard closing conditions, including regulatory approvals in Mexico, and is expected to close in the second half of 2026,” Citi added.
New Leadership Roles
Citi pointed out that this operation marks the beginning of a strategic relationship with Fernando Chico Pardo.
As a result, upon closing the operation, Fernando Chico Pardo will be appointed president of the Board of Directors of Grupo Financiero Banamex (Banamex).
Ignacio Deschamps will continue serving as president of the Board of Banco Nacional de Mexico, and Manuel Romo will remain as CEO of Banamex.
Strong Support for Banamex’s Strength
“Fernando Chico Pardo’s investment, one of Mexico’s most respected business leaders, is a strong endorsement of Banamex’s strength and potential,” said Jane Fraser, Citi’s CEO.
“It also reflects the long-term strategic relationship we are building with Fernando as we work towards the planned IPO and maximize the value of this iconic institution for our shareholders. Banamex has long been a cornerstone of Mexico’s financial system, and we are confident it will continue to drive stability and growth in the future,” Fraser added.
Driving Projects to Strengthen Mexico’s Development
Fernando Chico Pardo stated that this operation symbolizes his commitment to driving projects that strengthen Mexico’s development, with full confidence in its current and future opportunities as well as the potential of its people.
“We firmly believe that Banamex, with its talented and experienced team, will continue to be a cornerstone supporting Mexico, its businesses, and families. We are deeply committed to maintaining and renewing the social and cultural programs that distinguish Banamex, opening access to artistic heritage for millions of Mexicans. For our family, this is more than a business decision; it’s an expression of trust in Mexico and a reaffirmation of our commitment to its economic, social, and cultural progress,” Chico Pardo said.
Who is Fernando Chico Pardo?
Although he does not currently participate in any bank or financial group, Fernando Chico Pardo, 73, one of Mexico’s ten wealthiest men, is no stranger to the sector.
He founded Casa de Bolsa Acciones y Asesoría Bursátil, which was later acquired in 1992 by Grupo Financiero Inbursa. For some time, Chico Pardo served as general director of the institution now owned by Carlos Slim.
In 1997, he founded Promecap, a leading private equity firm in Mexico and is the controlling shareholder of Grupo Aeroportuario del Sureste (ASUR), where he has been the chairman of the board of directors since 2005.
He is also a shareholder and board member of Carrix and various Mexican companies, including those in Grupo Carso, Grupo Industrial Saltillo, and GEPP.
Lengthy Process
Citi announced in January 2022 that it would sell Banamex, sparking interest from several potential buyers, including Banorte, Banco Azteca, Mifel, Inbursa, and Germán Larrea, owner of Grupo México, among others.
However, as details of the process emerged, interested parties gradually withdrew from the race to acquire Banamex.
The federal government, then led by Andrés Manuel López Obrador, requested that Banamex and its assets remain with Mexican businessmen.
Even the government itself expressed interest in retaining Banco Nacional de México.
Subsequently, Citi announced in 2023 that it would sell Banamex through an Initial Public Offering (IPO), rather than a direct sale.
This process, however, also prolonged. According to Citi, it would be by the end of 2025 or even 2026.
Despite the delay, the process moved forward. In December 2024, the separation of Banamex and Citi was announced, making them two independent banks operating in Mexico, although Banco Nacional de México remains Citi’s property.
Only a few months ago, Citi’s global director, Jane Fraser, visited Mexico and met with President Claudia Sheinbaum.
