Citi enters $2.5bn deal to sell 24% of Banamex to investors

Group 1 - Citigroup has agreed to sell a 24% stake in Grupo Financiero Banamex for approximately $2.5 billion to a group of institutional investors and family offices [1][2] - The transaction values Banamex at about 0.85 times its book value and 1.01 times tangible book value according to local accounting standards [2] - Completion of the transaction is subject to regulatory approval in Mexico and is expected to close in 2026 [2][3] Group 2 - Following this sale, Citigroup will have divested 49% of Banamex, with the largest private shareholder, Fernando Chico Pardo, having previously acquired a 25% stake [3] - Citigroup's head of International emphasized the backing of the new investors as a positive endorsement of Banamex's long-term strategy and growth prospects [4] - The company confirmed it does not plan further sales in 2026, focusing on the development of Banamex with the current investor group [4][5] Group 3 - Citigroup stated that selling Banamex remains a key objective, with future decisions on public listings or further share sales dependent on market conditions and regulatory approvals [5] - The company is also making progress in selling its consumer banking operations internationally, including an agreement to sell its consumer business in Poland [5]