Citigroup has agreed to sell a 24% stake in its Mexican unit Banamex for approximately $2.5bn to a consortium of institutional investors and family offices, Reuters reports. General Atlantic and Blackstone are among the investors participating in the sale. Upon completion, Citi’s stake in Banamex will decline to 49%. This staged divestment forms part of Citi’s strategy to separate and partially monetise its Mexican consumer banking franchise while retaining significant influence ahead of a planned initial public offering. The bank stated in a statement cited by Reuters that it ‘does not anticipate any additional sales in 2026, allowing the current investor group time to drive value creation.’

Ernesto Cantu, Citi’s Head of International, confirmed the bank still intends to pursue a Banamex IPO, with timing dependent on market conditions, financial considerations, and regulatory approvals. The $2.5bn transaction underscores sustained appetite from private equity and sovereign investors for minority stakes in established Latin American banking platforms, particularly where a public listing remains a potential exit route.

The sale follows the previous disposal of a 25% holding in December to Mexican businessman Fernando Chico Pardo, Banamex’s current chair. This strategic move signals Citi’s focus on streamlining its international operations while positioning Banamex for potential future listing.