Citigroup on Thursday rejected Mexican mining and transport conglomerate Grupo Mexico's bid for its retail unit in the country, known as Banamex. ...

Core Insights - Citi has successfully met the Central Bank of Nigeria's new capital requirements by injecting fresh capital into its Nigerian unit, ensuring compliance with the N 200bn ($136m) threshold mandated for lenders with a national banking license [1][2] - The move is seen as a statement of confidence in Nigeria's future and a deliberate investment in its growth, with Citi ready to expand support for clients in priority sectors such as infrastructure, energy, and trade [2][5] - The Central Bank of Nigeria had previously increased the minimum capital requirement for lenders significantly, aimed at strengthening the banking industry against risks like high inflation and naira devaluation [2][3] Capital Requirements - National banks were mandated to augment their capital from N25bn to N200bn, while international banks needed to raise theirs to N500bn from an earlier N50bn [3] - As of last month, only 14 out of 36 financial institutions had met the new capitalisation standards set by the Central Bank of Nigeria [3] Strategic Moves - Last month, Citi reached an agreement to offload a 25% stake in its Mexican retail banking subsidiary Banamex for approximately 42 billion pesos ($2.3bn), which operates an extensive network of around 1,300 branches and 9,000 ATMs [4][5] - The divestment of Banamex is part of Citi's strategic moves, with the company indicating that the proposed initial public offering (IPO) for Banamex will depend on market conditions and regulatory approvals [5]

Mexican billionaire German Larrea is bidding for full control of Citigroup’s Banamex at a higher valuation than a rival’s minority offer, though chances remain slim https://t.co/CwzDuXkeO4 ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Grupo Mexico, the mining and transportation conglomerate that once was considered a front-runner to buy Banamex from Citi, has made the bank a fresh offer, according to a securities filing Friday seen by Reuters and Bloomberg. The conglomerate, controlled by Mexican billionaire Germán Larrea, would buy 25% of Banamex at 85% of its book value, and the remaining 75% at ...

Citi has agreed to sell a 25% stake in its Mexican retail banking subsidiary Banamex to an entity controlled by Fernando Chico Pardo and his family for approximately 42bn pesos ($2.3bn). The deal, which involves roughly 520 million shares, is based on a price-to-book ratio of 0.80 times Banamex's local GAAP book value at closing. Banamex network spans about 1,300 branches and 9,000 ATMs, serving over 13.6 million retail banking clients, 6,000 commercial banking clients, and 8.6 million pension fund manag ...

MEXICO CITY (AP) — A day after Citigroup announced it would sell a 25% stake in Banamex to billionaire Fernando Chico Pardo, the Mexican businessman said his $2.3 billion investment should be read as a sign of confidence in Mexico’s government and economic potential. The sale, which is expected to be completed next year after Mexican regulators sign off, comes after Citigroup announced in January 2022 that it was moving away from retail banking in Latin America. Mexico’s then-President Andrés Manuel Lópe ...

Core Viewpoint - Citigroup is seeking additional minority investors for its Mexican retail unit, Banamex, prior to a potential initial public offering (IPO) [1] Group 1 - Citigroup's executives announced the strategy to attract more minority investors for Banamex [1] - The move is part of the preparations for a potential IPO of the retail unit [1]

Mexican magnate Fernando Chico Pardo may have got his 25% stake in Citigroup’s Banamex on the cheap, but the sale should jumpstart the bank’s nearly four-year saga to exit Mexico https://t.co/Qh7OWYWlrH ...

花旗集团股价盘前上涨1.3%，花旗同意23亿美元出售墨西哥子公司Banamex的25%股份。 ...

格隆汇9月25日｜花旗集团表示，已同意将其墨西哥零售银行部门Banamex的25%股份，以23亿美元出 售给当地商人Fernando Chico Pardo。该交易预计将于明年下半年完成，届时Pardo将出任墨西哥 Banamex的董事长。 来源：格隆汇APP ...