The acquisition of a quarter of the shares of Grupo Financiero Banamex from Mexican businessman Fernando Chico Pardo It was completed this Monday, he reported Citi Group.
The completion of the operation, expected in September, means that Chico Pardo will immediately take over as chairman of Banamex’s board.
On his part Citi remains focused on strengthening its institutional businessI am in the country and am pursuing an eventual listing of the rest of the company.
In the official statement, Citi explained that the transaction involves the purchase of approx 520 million common shares of Banamex by Chico Pardo, at a price of equivalent 0.80 times book value according to Mexican accounting criteria as of the balance sheet date.
The material value of the operation was set at 0.95xwhich corresponds to an estimated total of 42 billion pesos, or about 2.3 billion dollars.
According to Citi, the completion of this sale “brings us closer to our strategic priority of divesting from Banamex and places it in the hands of one of Mexico’s most successful investors. It also allows us to double our commitment to our institutional business in Mexico and invest in the platforms, talent and relationships that will solidify our leadership position and generate sustainable growth for our customers and shareholders.”
On his part Fernando Chico Pardo He expressed that this move “begins my journey as the largest private shareholder of Banamex.”
This project is more than a financial commitment, it is deeply personal. “I’m proud to run it with my children.”
Banamex confirmed the continuity of in its own statement Manuel Romo as General Manager of both the Group and the Bank.
Regarding the initial public offering (IPO) for the remainder of Banamex, Citi emphasized that the process will continue to depend on factors such as market conditions and relevant regulatory approvals.
Citi’s decision to sell Banamex dates back to January 2022 and was part of a global strategic review.
Both institutions have been operating separately since December last year and market expectations are now focused on the bank’s future IPO.
- Degree in Business Administration from the Universidad Iberoamericana.
- Owner of Grupo Aeroportuario del Sureste (ASUR), which operates nine air terminals, including Cancún.
- ASUR carries more than 70 million passengers annually.
- Considered one of the richest men in Mexico and one of the 100 most influential people in the country.
- In 2024, the company became the single largest shareholder of Carrix, the parent company of SAA Marine México, and expanded its operations to ports such as Manzanillo, Lázaro Cárdenas, Veracruz, Progreso, Cozumel and Tuxpan.
- His career began on Wall Street; In 1982 he founded Acciones y Asesoría Bursátil, which he led until 1992 and later merged with Inbursa.
- From 1992 to 1997 he headed Inbursa.
- Founder, President and CEO of Promecap since 1997, a private equity firm managing $5 billion in assets.
- Major shareholder of RLH Properties and Tortuga, hotel companies with 9,000 rooms in the all-inclusive luxury segment and 3,000 in the ultra-luxury segment, in alliance with brands such as Four Seasons, One and Only, Rosewood and Hyatt.
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