Banamex is becoming a fully Mexican bank. For the millions of customers it serves, including expats and foreign residents who have relied on its Citigroup connection for years, that transition just moved significantly closer to completion.
Citigroup confirmed Wednesday that it has closed the sale of 22.6% of Grupo Financiero Banamex to a group of institutional investors and family offices, including Blackstone, General Atlantic, Afore Sura, the Qatar Investment Authority, and others. The transaction finalizes most of the 24% equity stake Citi announced in February for approximately 43 billion pesos (about US$2.5 billion). The remaining 1.4% is expected to be sold through a public offering in the coming months.
A 4-Year Exit, Nearly Complete
The sale is the culmination of a process Citigroup began in January 2022, when it announced plans to exit Mexico’s consumer banking market as part of CEO Jane Fraser’s broader effort to simplify the company and focus on institutional clients. What followed was a drawn-out search for buyers, failed negotiations, regulatory hurdles, and repeated delays.
The breakthrough came in stages. In December 2025, prominent Mexican businessman Fernando Chico Pardo — chairman of airport operator Grupo Aeroportuario del Sureste — purchased a 25% stake for approximately US$2.3 billion, becoming Banamex’s largest individual shareholder and chairman of its board. The latest sale brings the total divestiture to 49%, just below the threshold that would require Citi to deconsolidate the bank from its balance sheet.
Citi retains just over 50% for now. The company has said it does not plan further sales this year, giving the new investor group time to focus on operations before an eventual initial public offering, expected to list Banamex on the Mexican Stock Exchange.
“We are pleased to finalize these investments from a group of renowned investors,” said Ernesto Torres Cantú, head of Citi International, pointing to confidence in the bank’s strategic direction and Mexico’s financial sector overall.
Chico Pardo, who participated in selecting the new minority investors, added that he takes “great pride in these partners’ commitment to Mexico.”
What Changes for Account Holders
Banamex, founded in 1884 as Banco Nacional de México, is the country’s fourth-largest financial group with around 1,300 branches, 9,000 ATMs, and 13 million active clients.
For most everyday customers, the practical impact will be minimal in the short term. Accounts, services, and branch operations continue as normal. But the longer-term picture matters particularly for foreign residents.
For years, Citigroup’s ownership of Banamex gave American expats and international residents a sense of familiarity. In practical terms, U.S. Citibank account holders could make ATM withdrawals at Banamex branches without fees. As Citi’s ownership share diminishes toward zero, that arrangement becomes less certain. The bank has already rebranded from Citibanamex to simply Banamex, and a recent update reportedly removed the app’s English-language option.
As a guide to banking for expats notes, Banamex’s reach is unmatched, but foreign residents should be aware they are now banking with an institution in the middle of its most significant structural change in two decades.
Also announced last week: Manuel Romo is stepping down as Banamex’s director general. He will be replaced by Edgardo del Rincón, who previously served as director of Banbajío, with the transition expected in May.
Banamex at a Glance
- Founded: 1884
- Rank: 4th-largest financial group in Mexico by total assets
- Active clients: 13 million retail banking customers
- Branches: approximately 1,300
- ATMs: approximately 9,000
- Majority shareholder: Fernando Chico Pardo (25%), with Blackstone, General Atlantic, Qatar Investment Authority, Afore Sura, and others holding additional minority stakes
- Citi’s remaining ownership: just over 51%
- IPO: planned, timing subject to market conditions and regulatory approvals
With information from El País