Citi Agrees to Sell 24% Stake in Banamex

• The sale values the 24% stake at around $2.5 billion, with the deal expected to be completed in 2025
• Major investors in the consortium include General Atlantic, Blackstone-managed funds, Liberty Strategic Capital, Qatar Investment Authority, Chubb, Banco BTG Pactual, and a Sura asset management unit
• After the transaction, Citigroup will retain a 49% stake in Banamex, marking a significant reduction from its current majority ownership position

Summary: Citi Agrees to Sell 24% Stake in Banamex

Key Transaction Details:

Citigroup announced Monday it has entered agreements to sell a 24% stake in Banamex, its Mexican banking unit, for approximately $2.5 billion. The transaction is expected to close in 2026, after which Citigroup's ownership will decrease from 73% to 49%.

Investor Group:

The buyers comprise a consortium of prominent institutional investors and family offices, including:

• General Atlantic (private equity firm)
• A unit of asset manager Sura
• Banco BTG Pactual
• Chubb
• Funds managed by Blackstone
• Liberty Strategic Capital
• Qatar Investment Authority

Market Implications:

This partial divestiture represents a significant step in Citigroup's strategic repositioning in Mexico, one of Latin America's largest banking markets. Rather than a complete exit, Citi is maintaining majority control while monetizing a substantial portion of its investment and bringing in strategic partners. The $2.5 billion proceeds will likely support Citi's capital management initiatives and balance sheet optimization.

The diverse investor group, spanning private equity, asset management, insurance, and sovereign wealth funds, signals strong confidence in Banamex's value and Mexico's banking sector prospects. For the Mexican market, this transaction introduces multiple sophisticated financial players who may contribute expertise and additional capital to strengthen Banamex's competitive position.

The deal structure allows Citigroup to reduce exposure while retaining operational control, representing a middle-path strategy between full ownership and complete divestiture in an important emerging market.