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Bond Market News
Citigroup Sells 25% Stake in Banamex for $2.3bn
September 25, 2025
Citigroup has agreed to sell a 25% stake in Grupo Financiero Banamex to a company owned by Mexican billionaire Fernando Chico Pardo and his family for MXN 42bn ($2.28bn). The deal, valuing Banamex at $9.12bn, is expected to close in 2H2026 and marks progress in Citi’s plan to eventually take the unit public. After the sale, Pardo will become the chairman of Banamex, while Manuel Romo will remain the CEO The sale follows a three-year effort to find investors after Citi’s failed attempts to fully divest the unit, part of its broader retreat from Latin American retail banking. Citi acquired Banamex in 2001 for $12.5bn, but the current transaction triggered a $726mn goodwill impairment charge, to be booked in Q3. Analysts noted the valuation was “decent” and should be viewed positively by markets. Citigroup’s CEO Jane Fraser said that the deal reflects Banamex’s potential and confirmed plans for an IPO, pending market and regulatory conditions. The transaction represents Citi’s final major consumer banking exit under its global streamlining strategy.
Citigroup’s bonds traded broadly stable with its 4.45% 2027s at 100.4, yielding 4.23%.
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