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Mexico Reviews Chico Pardo’s Bid for 25% Stake in Citigroup’s Banamex

By  |  October 9, 2025

Mexican financial and antitrust regulators have received documentation seeking approval for billionaire Fernando Chico Pardo’s proposed acquisition of a 25% stake in Citigroup Inc.’s Grupo Financiero Banamex, according to Bloomberg. The filing marks a formal step in Citi’s plan to divest part of its Mexican consumer banking operations through a phased sale.

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    Per Bloomberg, the transaction was first announced last month as part of Citigroup’s broader strategy to eventually take Banamex public. The move would allow Citi to retain a minority interest while gradually exiting its retail banking business in Mexico. A spokesperson for the Mexican finance ministry did not immediately respond to requests for comment on the approval process.

    The bidding process took an unexpected turn late last week when industrial magnate Germán Larrea’s conglomerate, Grupo México SAB, reportedly submitted a surprise counteroffer to purchase the entirety of Banamex. Despite this new development, Mexican authorities have continued to back Chico Pardo’s offer, Bloomberg reported.

    The competing proposals underscore the high level of interest in Banamex, one of Mexico’s oldest and most prominent banking institutions.

    Source: Bloomberg