Mexican tycoon pays $2.3 bn for stake in Citi subsidiary | Business

MEXICO CITY, Sept 25, 2025 (BSS/AFP) - Mexican tycoon Fernando Chico Pardo has agreed to pay $2.3 billion to acquire a 25-percent stake in US banking giant Citi's Mexican subsidiary, the group said Wednesday. "Fernando Chico Pardo will acquire 25% (~520 million shares) of Banamex's outstanding common shares" in a transaction valued at 42 billion Mexican pesos (around $2.3 billion), Citi announced. Citi, which last year announced plans to cut 20,000 jobs, has for years been seeking to spin off its Mexican consumer banking unit. Banamex is Mexico's fourth largest financial group, according to the company itself. Chico Pardo has made a fortune operating ports in the United States and Latin America, as well as luxury hotels, and airports. "This...