Overview
- President Claudia Sheinbaum met privately with Citi chief executive Jane Fraser on December 23 at Palacio Nacional in Mexico City.
- Fraser thanked Sheinbaum for her continued support and reaffirmed that Mexico remains a priority market where Citi has operated for more than a century.
- Citi recently closed the sale of 25% of Banamex to businessman Fernando Chico Pardo on December 15 after regulatory approvals, with Chico Pardo assuming the chairmanship of the Banamex board.
- Citigroup expects to dispose of the remaining 75% of Banamex through an IPO targeted for 2026, contingent on market conditions and regulatory clearance.
- Fraser said the partial sale advances Citi’s divestment strategy and enables greater investment in its institutional banking platforms, talent and client relationships in Mexico.