Banamex IPO Plans Advance as Citi Sells 49%
Citigroup has sold 49% of Banamex and may deconsolidate it in early 2027, while analysts met executives in Mexico City to prepare the IPO. The post Banamex IPO Plans Advance as Citi Sells 49% appeared first on The Rio Times .
Citi sold 49% of Banamex, the Mexican bank it is separating from, in recent sales. Analysts met Banamex executives in Mexico City to prepare the planned IPO. Citi's stake sales are listed in their SEC filings, while analyst meetings are reported by unnamed sources. The IPO date, price range, or listing venue have not been announced.
Banamex sold $900 million in capital bonds earlier this week. Citi's stake sales totaled 49%, leaving them with about 51% ownership. Mexican press named businessman Fernando Chico Pardo as the buyer of the first 25% stake. Citi expects to deconsolidate Banamex once they own less than 50% of the voting stock. Citi's remaining stake in Banamex is subject to financial considerations, market conditions, and regulatory approvals. The IPO valuation and date are estimates, not confirmed by the companies.
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