This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Citi has agreed to sell another 24%, or 499 million shares, of its Mexico retail-banking unit for roughly $2.5 billion, the lender said Monday. Private-equity firm General Atlantic, Brazilian bank BTG Pactual and insurance giant Chubb are among the buyers. Funds managed by Blackstone, Liberty Strategic Capital and Qatar Investment Authority have also taken stakes, as ...

Core Viewpoint - Citigroup has agreed to sell a 24% equity stake in Banamex for approximately $2.5 billion, reducing its ownership in the Mexican unit to 49% after the transaction is completed this year [1]. Group 1: Transaction Details - The sale involves a group of institutional investors and family offices, including General Atlantic, Sura, Banco BTG Pactual, Chubb, Blackstone, Liberty Strategic Capital, and Qatar Investment Authority [1]. - The expected completion of the sale is within the current year [1]. Group 2: Financial Implications - The transaction is valued at around $2.5 billion, indicating a significant financial move for Citigroup [1]. - Post-sale, Citigroup's stake in Banamex will decrease from 73% to 49% [1].

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Dive Brief: Citi is considering selling more stakes in its Mexican retail-banking unit Banamex while continuing to prepare for a public sale of its remaining shares, CFO Mark Mason said Wednesday.  “We are actively looking at selling some additional, smaller stakes as we lead up to an [initial public offering],” Mason said Wednesday during a media call on the bank ...

Group 1 - The Bank of Mexico announced a 25 basis point reduction in the benchmark interest rate to 7%, marking the lowest level since mid-2022 and completing the last monetary policy adjustment for 2025 [1][2] - This is the eighth rate cut of the year, with the rate now at its lowest since April 2022, following four previous cuts of 50 basis points each [2] - Despite the rate cut, the central bank raised its short-term inflation expectations, with the overall inflation rate rising to 3.8% in November from 3.57% in October, and core inflation increasing from 4.28% to 4.43% [2] Group 2 - The central bank's statement indicates a shift in policy stance from a dovish to a more cautious approach, as it will now "assess the timing of further adjustments" rather than simply considering continued rate cuts [3] - Analysts expect the central bank to maintain interest rates in the first quarter of 2026, with a potential "prudent policy pause" to evaluate the impacts of tax adjustments and minimum wage increases on inflation [3][4] Group 3 - The Mexican peso has become a standout currency in the foreign exchange market, benefiting from high interest rate differentials and robust macroeconomic fundamentals, despite the global trend of rate cuts [5][6] - The peso's strength is attributed to a structural weakening of the dollar and market anticipation of the central bank's decisions, with the dollar-peso exchange rate declining [5][6] - The peso's status as a "star currency" provides a buffer against imported inflation but also constrains monetary easing, necessitating careful policy decisions by the central bank [6]

Citigroup completed its deal to sell 25% of its Mexican retail-banking unit, Banamex, to billionaire Fernando Chico Pardo https://t.co/ziETE94lNB ...

(Bloomberg) -- Mexican financial authorities are close to approving an offer by billionaire Fernando Chico Pardo to buy a 25% stake in Citigroup Inc.’s Mexican retail-banking unit, Banamex, paving the way to list the business as soon as next year. The approval process for Chico Pardo’s stake and his strategic plan for Banamex is in its final stages, according to people familiar with the matter who requested anonymity because because the process isn’t yet final. When Citigroup agreed to the 42 billion-peso ( ...

Mexican financial authorities are close to approving an offer by billionaire Fernando Chico Pardo to buy a 25% stake in Citigroup’s Mexican retail-banking unit, Banamex, paving the way to list the business as soon as next year https://t.co/rMQ5qGzqWL ...

“Grupo Mexico respects Citi’s determination and wishes it success in the transaction it has opted for and in the fate it has chosen for Banamex,” the company said in a statement Friday https://t.co/zA68CMv6TL ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Citi on Thursday rejected mining and transportation conglomerate Grupo Mexico’s offer to buy Banamex for roughly $9.3 billion. “After careful consideration of the proposal, including but not limited to financial considerations and transaction certainty, we have advised Grupo Mexico that Citi rejects the offer,” the bank said Thursday in a statement seen by Bloomberg. ...

Citigroup (NYSE:C) has rejected an offer from Grupo Mexico (OTCPK:GMBXF) to buy its Banamex retail business, the bank said on Thursday. “After careful consideration of the proposal, including but not limited to financial considerations and transaction certainty, we have advised Grupo Mexico ...