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Citigroup Sells 25% Stake in Banamex to Mexican Billionaire for $2.3 Billion
Financial MarketsBanamexUpdated 9 hours ago

Citigroup Sells 25% Stake in Banamex to Mexican Billionaire for $2.3 Billion

Citigroup has sold a 25% stake in its Mexican retail banking unit, Banamex, to billionaire Fernando Chico Pardo for $2.3 billion. This strategic move allows Citigroup to exit the retail banking sector and refocus its resources, while enhancing Banamex's local presence and potential for growth. The sale reflects confidence in the Mexican economy and may lead to new investments and competition in the banking landscape.

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Citigroup sells stake in Banamex to Mexican billionaire for $2.3 billion
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Citigroup sells stake in Banamex to Mexican billionaire for $2.3 billion
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Citigroup has successfully sold its stake in Banamex to a prominent Mexican billionaire for $2.3 billion. This move marks a significant step in Citigroup's strategy to streamline its operations and focus on core markets. The sale not only reflects the growing confidence in the Mexican banking sector but also highlights the billionaire's commitment to enhancing financial services in the region, which could lead to increased investment and economic growth.
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Citigroup to sell stake in Mexico’s Banamex for $2.3bn
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Citigroup is set to sell a 25% stake in Mexico's Banamex for $2.3 billion to financier Fernando Chico Pardo. This move marks a significant step for Citigroup as it seeks to exit the retail banking sector, allowing it to refocus its efforts and resources. The sale is noteworthy not only for its financial implications but also for the potential impact on the Mexican banking landscape, as it could lead to new opportunities for growth and competition.
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Citi Sells Banamex Stake to Mexican Magnate for $2.3 Billion
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Citigroup has made a significant move by selling a 25% stake in its Mexican retail banking unit, Banamex, to local businessman Fernando Chico Pardo for $2.3 billion. This sale is part of Citigroup's strategy to eventually list Banamex publicly, which could enhance its market presence and provide more opportunities for growth. This deal not only reflects confidence in the Mexican banking sector but also highlights the increasing interest from local investors in major financial assets.
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