Mexico Nears Approval of Billionaire’s Bid for Banamex Stake

Mexican financial authorities are close to approving an offer by billionaire Fernando Chico Pardoto buy a 25% stake in Citigroup Inc.’s Mexican retail-banking unit, Banamex, paving the way to list the business as soon as next year.

The approval process for Chico Pardo’s stake and his strategic plan for Banamex is in its final stages, according to people familiar with the matter who requested anonymity because the process isn’t yet final.

A Banamex branch in Mexico City.

Photographer: Mayolo Lopez Gutierrez/Bloomberg

When Citigroup agreed to the 42 billion-peso ($2.3 billion) offer from Chico Pardo in September, the bank said the deal was expected to be completed in ...