Fernando Chico Pardo to acquire a 25% stake in Banamex from Citi for $2.3bn.

Fernando Chico Pardo, a Mexican billionaire, agreed to acquire a 25% stake in Banamex, a banking company, from Citi, a financial services holding company, for $2.3bn. "This investment from Fernando Chico Pardo, one of the most respected business leaders in Mexico, is a resounding endorsement of Banamex’s strength and potential. It is also a reflection of the long-term strategic relationship we are building with Fernando as we work towards a planned public listing and realize the full value of this iconic institution for our shareholders. Banamex has long been a cornerstone of Mexico’s banking system, and we are confident it will continue to be a driver of stability and growth well into the future," Jane Fraser, Citi CEO.