Home / Business and Economy / Citigroup Sells Banamex Stake for $2.5B
Citigroup Sells Banamex Stake for $2.5B
24 Feb
Summary
- Citigroup agreed to sell a 24% stake in Banamex for $2.5 billion.
- Major investors include General Atlantic, Afore Sura, and BTG Pactual.
- Citigroup's stake in Banamex will reduce to 49% after the sale.
Citigroup has entered into agreements to sell a 24% stake in its Mexican financial unit, Banamex, to a consortium of institutional investors and family offices. This transaction is valued at approximately $2.5 billion. Notable participants in this investor group include U.S. private equity firm General Atlantic, Colombian asset manager Sura's unit Afore Sura, and Brazilian investment bank BTG Pactual. Other investors comprise Chubb and funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority. The sale is anticipated to conclude by the end of this year. Following this divestment, Citigroup's ownership in Banamex will decrease to 49%. This move follows a previous sale of a 25% equity stake in December to Mexican businessman Fernando Chico Pardo. Citigroup has indicated it does not foresee further sales in 2026, aiming to provide the current investor group an opportunity to enhance value. The bank continues to explore the possibility of an initial public offering for Banamex, with the timing and structure subject to market conditions, financial factors, and regulatory approval.
