Overview
- Citi CEO Jane Fraser said Fernando Chico Pardo filed this week for regulatory approval to acquire 25% of Banamex, a step she called pivotal to Citi’s full exit.
- The bank reiterated that an initial public offering will take place after the 25% sale closes, aligning with its plan to deconsolidate Banamex.
- Fraser noted public support from President Claudia Sheinbaum’s government, which Citi says increases certainty around completing the transaction.
- CFO Mark Mason disclosed an approximately $9 billion accumulated currency translation adjustment moving to net loss and a $726 million loss tied to the 25% sale, even as Citi’s Q3 net income rose 16%.
- Grupo México confirmed Citi rejected its proposal to buy 100% of Banamex; the conglomerate said its bid met regulatory criteria and lamented the decision.