Fernando Chico Pardo, president of Grupo Aeroportuario del Sureste (ASUR), has agreed to purchase 25% of Banamex’s shares — equivalent to 520 million common shares — from Citigroup for an estimated sum of 42 billion pesos (US $2.3 billion).

Banamex, officially Banco Nacional de México, one of the oldest and most important financial institutions in Mexico,was founded in 1884 after the merger of Banco Nacional Mexicano and Banco Mercantil Mexicano.

The transaction means that a key stake in Banamex, until now under the control of the U.S. conglomerate Citi, is returning to Mexican ownership.

“Fernando Chico Pardo’s investment demonstrates his confidence in Banamex’s future and the development of its current strategy to continue growing across all lines of business and advancing its digital and operational transformation,” Citi CEO Jane Fraser stated in a written statement.

The purchase is still subject to regulatory approvals in Mexico and is expected to be completed in the second half of 2026.

In its statement, Citi said that Chico Pardo will be appointed Chairman of the Board of Directors of Banamex, while Manuel Romo will remain as CEO.

“We are very committed and happy to be part of Banamex, an iconic institution in Mexico with a very promising future,” Chico said. “We have a lot of confidence in the team and will continue working closely on the transformation they have already started.”

Chico explained that they want to prioritize digitalization with special focus on client satisfaction during every point of interaction between the customer and the banking institution.

“Our long-term commitment is to work together to achieve better positioning in all areas and thereby further boost sectors, companies and people throughout the country,” Chico stressed.

The news of Chico’s investment comes three years after Citi announced its plans to divest from the bank and exit consumer banking in Mexico.

As part of Citi’s divestment from Banamex, the spin-off of Banamex and the U.S. conglomerate was finalized at the end of 2024, resulting in two independent financial groups in Mexico: Grupo Financiero Citi México and Grupo Financiero Banamex. Citi will focus on corporate and institutional banking, while Banamex will serve consumer banking. The U.S. bank’s strategy is to focus on large corporations, while a portion of Banamex will be sold on the stock market through an initial public offering (IPO).

Fraser explained that Citi continues to work towards an initial public offering (IPO) for Banamex, which is expected to take place late this year or in 2026.

Who is Fernando Chico Pardo?

Fernando Chico Pardo, is the eighth wealthiest person in Mexico with a fortune valued at US $2.8 billion, according to Forbes’ 2025 ranking of the wealthiest people in the country.

He has served on the boards of Grupo Financiero Inbursa, Condumex, Grupo Carso, Sanborns Hermanos, Sears de México and Grupo Posadas. Since 2005, he has served as Chairman of the Board of Directors of ASUR, an international airport operator with a portfolio of concessions to operate, maintain and develop 16 airports in Mexico, Colombia and Puerto Rico.

With reports from El Economista and El País