Citi signs deal to sell 24% equity stake in Banamex

By Tatiana Bautzer

Feb 23 (Reuters) - Citigroup C.N said on Monday it had entered into agreements to sell a 24% stake in Banamex to a group of institutional investors and family offices for around $2.5 billion.

Among the investors were U.S. private equity firm General Atlantic, Afore Sura, a unit of Colombian asset manager Sura, Brazilian investment bank BTG Pactual BPAC3.SA, Chubb and funds managed by Blackstone BX.N, Liberty Strategic Capital, and Qatar Investment Authority.

After the sale, expected to be completed this year, Citigroup will reduce its stake in the Mexican unit to 49%. Each investor in the group will be allowed to buy a stake of up to 4.9%, the bank added.

These transactions follow the sale of another 25% equity stake in December to Mexican businessman Fernando Chico Pardo, Banamex's current chair of the board. Pardo was part of the process and will be involved in the agreement with the new minority investors in Banamex.

The bank said in a statement that it "does not anticipate any additional sales in 2026, allowing the current investor group time to drive value creation." The bank still wants to go ahead with Banamex's proposed initial public offering, said Ernesto Cantu, Citi's Head of International. The timing and structure will depend on market conditions, financial considerations and regulatory approvals.