Citigroup Sticks to Banamex IPO Plan Despite Grupo Mexico's Acquisition Bid
Citigroup has announced plans to move forward with an initial public offering (IPO) for its Mexican retail bank, Banamex. This decision comes amidst competition from Grupo Mexico, which has made a new offer to acquire 100% of the bank. Citigroup's stock closed up 0.3% on Monday following the news.
The latest offer from Grupo Mexico challenges an earlier agreement between Citigroup and Mexican billionaire Fernando Chico Pardo. Pardo had agreed to purchase a 25% stake in Banamex, valuing the entire unit at $9.12 billion. This transaction was scheduled for the second half of 2026. However, Citigroup now favors its original plan of selling a 25% stake in Banamex and divesting the rest through an IPO.
Citigroup's decision to proceed with the IPO for Banamex is expected to provide the company with more flexibility and value. The competing offer from Grupo Mexico, while significant, does not currently appear to have altered Citigroup's plans. The IPO process is set to commence, with further details to be announced.
Read also:
- U.S. CBP's Operation Plaza Spike Boosts Fentanyl Seizures Along Arizona-Mexico Border
- Regensburg Court Sentences Pizza Delivery Owner for Illegal Employment, Tax Evasion
- Tesla's EV Market Share Plummets in Europe, US Competition Intensifies
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
