Citigroup Closes Deal to Sell Banamex Stake to Chico Pardo (2)

Citigroup Inc. completed its deal to sell 25% of its Mexican retail-banking unit, Banamex, to billionaire Fernando Chico Pardo, potentially putting the US bank on a faster track to exit its Banamex stake.

He will take over immediately as chairman of Banamex’s board, Citigroup said in a statement Monday. Manuel Romo will stay on as chief executive officer, Banamex said in a statement.

The 42 billion-peso ($2.3 billion) deal hands control of Banamex back to Mexican ownership nearly a quarter century after Citi acquired the business amid a rush by foreign banks into Mexico after the country’s banking crisis. ...