Billionaire says $2.3 billion Banamex stake signals confidence in Mexico's economy

Group 1 - Citigroup announced the sale of a 25% stake in Banamex to billionaire Fernando Chico Pardo for $2.3 billion, indicating confidence in Mexico's government and economic potential [1][2] - The sale is expected to be completed next year pending approval from Mexican regulators, following Citigroup's decision to exit retail banking in Latin America announced in January 2022 [1] - Banamex, acquired by Citigroup in 2001, has grown to become Mexico's fourth-largest banking company with 1,300 branches and 13 million customers [3] Group 2 - Chico Pardo emphasized the importance of foreign investment complementing domestic investment for Mexico's economic growth [2] - The plan includes going public with the remainder of Banamex, while Chico Pardo will remain the principal shareholder [4] - Chico Pardo is the chairman of ASUR, which operates multiple airports, and is also the president and CEO of Promecap, a private equity firm [3]