Citigroup Strikes Banamex Stake Sales With Blackstone, BTG (4)

Citigroup Inc. struck deals to sell an additional 24% of its Mexican retail bank for around $2.5 billion to investors such as private equity firms, a bank and a sovereign wealth fund, bolstering the business as Mexican billionaire Fernando Chico Pardo takes over.

The investors agreed to buy 499 million shares of Grupo Financiero Banamex for around 43 billion pesos ($2.5 billion), according to a statement Monday. The transactions are subject to regulatory approval and are expected to close this year. The sale was at a small premium to the initial stake Citigroup sold to Chico Pardo last year.

The ...