Global investment firm General Atlantic has announced a landmark agreement to acquire a significant equity stake in Grupo Financiero Banamex, a cornerstone of Mexico's banking system. The transaction positions General Atlantic as the lead investor in Citi's ongoing divestiture, which involves the sale of an aggregate 24% stake in Banamex to a consortium of institutional investors and family offices. This move represents General Atlantic's largest growth equity investment in Mexico to date, signaling strong confidence in the nation's financial sector.
A Landmark Transaction for Mexico's Financial Sector
The deal is a key component of Citi's broader strategy to sell a 24% stake, equivalent to approximately 499 million shares, of Banamex's outstanding common stock. The fixed price for this transaction is set at roughly MXN 43 billion, or USD 2.5 billion, with General Atlantic leading the commitments from the investor group. This substantial investment underscores the strategic importance of Banamex and the growth potential perceived in the Mexican market by leading global financial players.
For General Atlantic, this partnership builds upon a well-established presence and a history of significant investment in Mexico. Since 2015, the firm has channeled over $3 billion into 14 different Mexico-headquartered companies, demonstrating a long-term commitment to the country's economic development. The firm plans to leverage its global expertise in financial services to support Banamex’s continued expansion and solidify its position as a leading financial institution.
Strategic Vision and Shareholder Alignment
Luis Cervantes, a Managing Director at General Atlantic, emphasized the firm's belief in institutions that connect local markets to the global economy. He described Banamex as a foundational pillar of Mexico’s financial ecosystem, uniquely positioned to lead the country's ongoing advancement. The investment reflects a strong conviction in Banamex's mission and a solid alignment with Citi and the broader shareholder group, including the family of Fernando Chico Pardo.
The sentiment was echoed by Ernesto Torres Cantú, Head of International at Citi, who welcomed General Atlantic as a key shareholder. He noted that the commitment from such a prominent institutional investor demonstrates a substantial belief in Banamex’s potential and its future growth prospects. This partnership is expected to bring long-term, aligned capital to further strengthen the bank's shareholder base and strategic direction.
General Atlantic intends to partner closely with Banamex and its enhanced shareholder group to foster sustainable growth and innovation. The collaboration aims to support the company's mission as a premier financial institution in Mexico. This strategic alliance is set to capitalize on Mexico's multi-decade expansion, which is being fueled by innovation, entrepreneurialism, and technological advancement across various sectors of the economy.
Progress in Citi's Divestiture Plan
This transaction marks a significant milestone in Citi’s previously announced plan to divest its consumer, small-business, and middle-market banking operations in Mexico. It follows the successful closing of a 25% equity investment in December 2025 by Banamex's reference shareholder, Mexican businessman Fernando Chico Pardo. As the current Chair of the Board and the largest private shareholder, Chico Pardo was actively involved in selecting the new minority investors.
Upon the successful closing of all committed purchases from this latest transaction, Citi will have effectively sold a 49% stake in Banamex. This phased approach allows for a gradual transition and the establishment of a diverse and robust shareholder base for the financial group. The process carefully broadens ownership to include long-term investors who are aligned with the bank's strategic objectives and future.
The completion of the transactions is contingent upon customary closing conditions, most notably receiving antitrust regulatory approval in Mexico. Both parties anticipate that all necessary requirements will be met and that the deal will be finalized within the year 2026. A team of legal and financial advisors, including Citi’s Banking group, Skadden, Creel, Paul, Weiss, and Mijares, Angoitia, Cortés y Fuentes, are facilitating the complex transaction.
In conclusion, General Atlantic's leadership in this major investment round is a powerful endorsement of Banamex's enduring strength and the promising trajectory of the Mexican economy. The move not only advances Citi's strategic divestiture but also injects new capital and expertise into one of Mexico's most important financial institutions. This partnership is poised to shape the next chapter of growth for Banamex, reinforcing its critical role in the nation's financial landscape.