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

Bloomberg reported on February 24 that Citigroup is close to reaching an agreement to sell a 24% stake in its Mexican retail bank, Grupo Financiero Banamex, to a consortium including Blackstone, according to sources familiar with the matter. It is also said that Citigroup is negotiating to sell less than 5% stakes to multiple companies and Mexican family offices. If the deal goes through, it will mark further progress in Citigroup’s divestment of Banamex. At the end of last year, Citigroup sold a 25% stake in Banamex to Mexican billionaire Fernando Chico Pardo and his family’s company, which resulted in a $726 million goodwill impairment charge in the third quarter.