Citi reportedly plans to sell a 24% stake in its Mexican retail bank to Blackstone and others

Glonghui, February 24th｜According to Bloomberg, citing sources familiar with the matter, Citigroup is close to reaching an agreement to sell a 24% stake in its Mexican retail bank, Grupo Financiero Banamex, to a consortium that includes Blackstone. It is reported that Citigroup is also in talks to sell stakes of less than 5% each to several companies and Mexican family offices. If the deal is finalized, Citigroup will make further progress in divesting its Banamex business. At the end of last year, Citigroup sold a 25% stake in Banamex to Mexican billionaire Fernando Chico Pardo and his family company, a transaction that resulted in a $726 million goodwill impairment charge for Citigroup in the third quarter.