Mexico - March 2026

As US multinational bank and financial services corporation Citigroup Inc moves ahead with the sale of its Banamex unit, on 23 February it announced it had agreed to sell an additional 24% stake of the Mexican retail bank worth around US$2.5bn to several new investors.

The investors include US private equity firm General Atlantic, Brazilian investment bank Banco BTG Pactual, and Afore Sura, the Mexican pension fund of Colombia’s Sura Asset Management, as well as funds managed by US-based Blackstone and Liberty Strategic Capital, and the Qatar Investment Authority, Qatar’s sovereign wealth fund. The co-chief executive officers of Mexican media conglomerate Grupo Televisa, Alfonso de Angoitia and Bernardo Gómez, were reported to be among the Mexican family offices taking stakes.

“We are honoured to have the backing of these buyers as we prepare for Banamex’s proposed initial public offering [IPO],” said Ernesto Torres Cantú, head of international at Citi, of the sale which will bring its nearly 25-year ownership of Banamex to a close as it pulls out of its non-US retail banking businesses as part of an ambitious restructuring. “Their investment is a further endorsement of Banamex’s long-term strategy, market leadership and growth prospects, and their commitment solidifies Banamex’s foundational position within Mexico’s banking system,” he added.

The first phase of the spin-off took place last year, when Citi sold a 25% stake to Mexican billionaire Fernando Chico Pardo, who became the chair of Banamex’s board of directors and its largest individual private shareholder [EB-25-11]. The February sale was at a small premium to the initial stake sold to Chico Pardo, who has said he will lead Banamex with his sons, and participated in the selection of the new investors.

While Citi is planning an eventual IPO of its remaining stake in Banamex, there will be no additional sales in 2026 to allow “time to drive value creation” for the investors. With each one limited to a maximum purchase of 4.9% of Banamex shares, the transactions are subject to regulatory approval in Mexico and are expected to be completed this year.

General Atlantic

“We see Banamex as a foundational pillar of Mexico’s financial ecosystem, uniquely positioned to play a leading role in the country’s ongoing advancement and growth,” said Luis Cervantes, a managing director at General Atlantic, which acquired the largest stake among the new investors.