Citigroup announced Wednesday it has closed the sale of 22.6% of Banamex, finalizing most of the 24% equity sale it announced in February.
The tranche was sold to a group of national and international institutional investors and family offices, including Blackstone, General Atlantic and Afore Sura, among others.
In a written statement, the U.S.-based financial services corporation said the purchase had received all the necessary authorizations from the competition regulator in Mexico, and expects the sale of the remaining 1.4% stake to be completed in the coming months through a public offering on the stock market.
“We are pleased to finalize these investments from a group of renowned investors, whose engagement signals their confidence in Banamex’s strategic vision and promising growth trajectory, as well as the strength of Mexico’s financial sector,” head of Citi International Ernesto Torres Cantú said.
In February, Citi announced that the sale of 24% of Banamex was agreed upon for 43 billion pesos (US $2.5 billion). Once the sale is completed, Citi will have sold 49% of the total shares of Banamex, including the 25% that Mexican mogul Fernando Chico Pardo bought last year.
Chico’s transaction meant that a key stake in Banamex returned to Mexican ownership.
Citi has reiterated that the full divestment of Banamex remains a strategic priority. But beyond the outstanding 1.4%, it anticipates no further sales this year so the current group of investors can focus on value creation.
“We take great pride in these partners’ commitment to Mexico and its outlook, in addition to their confidence in our management of Banamex,” said Chico, now the majority shareholder and chairman of the board of Banamex.
Banamex also announced last week that Manuel Romo would be stepping down as general manager to be replaced by Edgardo del Rincón, who previously served as the director of Banbajío. Del Rincón is expected to take over in May.
Banamex (full name Banco Nacional de México) is one of the oldest and most important financial institutions in Mexico. Founded in 1884, it is the fourth largest financial group in the country, with 13 million active clients.
With reports from El País
