Citigroup (C) agreed to sell a 24% stake in its Mexican bank Banamex for about 2.5 billion to institutional investors including Blackstone.
The transaction represents another step in Citi’s strategic exit from Mexican retail banking as it focuses on core markets and streamlines operations 1.
Key Takeaways
- Citi sells 24% Banamex stake for 2.5 billion
- Buyers include Blackstone and family offices
- Part of Citi’s broader Mexico exit strategy
Market Reaction & Context
The deal involves approximately 499 million shares of Grupo Financiero Banamex being transferred to a diverse group of institutional investors and family investment offices 2. Blackstone and other prominent investors are among the buyers in this latest divestiture.
Major U.S. banks have been reshaping their international footprints, with Citigroup leading efforts to exit non-core markets. The bank previously announced plans to wind down its Mexican retail operations as part of CEO Jane Fraser’s strategic overhaul.
Transaction Details
Under the respective transaction agreements, the buyers have committed to acquire the aggregate 24% equity stake in Banamex 3. The sale price of approximately 2.5 billion values the Mexican banking unit at roughly 10.4 billion based on the stake size.
The transaction includes participation from BTG Pactual and Televisa co-CEOs among the investor group 4. These institutional buyers represent a mix of private equity firms and family offices seeking exposure to Mexico’s banking sector.
Strategic Context
This stake sale continues Citigroup’s methodical exit from Mexican retail banking operations. The bank has been working to divest its consumer banking businesses in multiple international markets to focus on institutional clients and wealth management.
Banamex represents one of Mexico’s largest retail banking franchises, making it an attractive asset for investors seeking exposure to the country’s growing financial services sector. The transaction allows Citi to maintain some exposure while reducing its operational involvement.
Outlook
The completion of this transaction depends on regulatory approvals and standard closing conditions. Citi expects the deal to contribute to its capital position and support its strategic repositioning efforts.
For investors, the sale demonstrates continued progress in Citi’s transformation strategy while providing institutional buyers with access to Mexico’s banking market through an established franchise.
Not investment advice. For informational purposes only.
References
1(February 23, 2026). “Citi signs deal to sell 24% equity stake in Banamex”. Investing.com. Retrieved February 23, 2026.
2(February 23, 2026). “Citi Signs Deal to Sell 24% Equity Stake in Banamex”. U.S. News & World Report. Retrieved February 23, 2026.
3(February 23, 2026). “Citigroup : Citi Announces Agreements with Investors for Commitments to Purchase an Aggregate 24% Equity Stake”. MarketScreener. Retrieved February 23, 2026.
4(February 23, 2026). “Citi Nears Banamex Stake Sales to Blackstone, Televisa Co-CEOs”. Bloomberg. Retrieved February 23, 2026.
5(February 23, 2026). “Citi signs deal to sell 24% equity stake in Banamex”. Global Banking & Finance Review. Retrieved February 23, 2026.
6(February 23, 2026). “Citi nears Banamex stake sale to investor group including Blackstone”. WHTC. Retrieved February 23, 2026.
7(February 23, 2026). “Citigroup Sells 2.5 Billion Stake in Mexican Banking Unit to Investors”. Fine Day Radio. Retrieved February 23, 2026.
8(February 23, 2026). “Citi nears sale of more Banamex shares to Blackstone, family offices, others: report”. Seeking Alpha. Retrieved February 23, 2026.