Citigroup announced Monday it has agreed to sell nearly a quarter of its Mexican banking subsidiary Banamex to a group of major investors for approximately $2.5 billion. The transaction will reduce Citi's ownership in the Mexican operation from 73% to 49% once completed later this year.
Banking giant Citigroup announced Monday it has reached agreements to divest a significant portion of its Mexican banking subsidiary to a consortium of major investors in a deal worth approximately $2.5 billion.
The financial services company will transfer 24% of its ownership in Banamex to a diverse group of institutional investors and family investment offices. The buyer group includes several prominent names in finance: private equity giant General Atlantic, an affiliate of asset management firm Sura, Banco BTG Pactual, insurance company Chubb, and investment funds operated by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority.
Once this transaction closes, which Citigroup anticipates will happen sometime in 2024, the bank’s controlling interest in its Mexican division will drop from the current 73% to 49%.
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