In a move that has sent ripples through Mexico’s financial and political circles, billionaire Fernando Chico Pardo has announced a $2.3 billion investment to acquire a 25% stake in Banamex, one of Mexico’s largest and most storied banks. The deal, revealed on September 24, 2025, underscores a renewed sense of optimism about Mexico’s economic trajectory and the role of domestic capital in shaping its future. Chico Pardo’s investment, which is expected to close in 2026 pending regulatory approval, comes at a pivotal moment for both Banamex and the broader Mexican economy.
According to reporting by the Associated Press, Chico Pardo made clear that his purchase was more than just a business transaction. "I believe that the foreign investment which is so necessary for our country must complement domestic investment," he said, framing his move as a vote of confidence in Mexico’s government and its economic potential. The sentiment echoes calls from Mexico’s political leadership for greater national ownership of critical financial institutions. Back in January 2022, then-President Andrés Manuel López Obrador publicly stated, "we would like this bank to be Mexicanized," expressing concern that foreign banks often take their profits abroad rather than reinvesting them in Mexico.
Banamex, officially known as Banco Nacional de México, has a storied history dating back to the 19th century. Citigroup, the U.S. financial giant, acquired Banamex in 2001 for $12.5 billion, marking one of the largest cross-border banking deals of its time. Under Citigroup’s stewardship, Banamex grew to become Mexico’s fourth-largest bank, boasting 1,300 branches and serving 13 million customers nationwide. However, Citigroup’s relationship with Banamex began to shift in January 2022, when the company announced plans to exit retail banking in Latin America. This strategic pivot set the stage for a potential change in Banamex’s ownership structure, one that would bring the bank back under significant Mexican control.
The sale of the 25% stake to Chico Pardo is expected to be only the first step in a broader plan. The remainder of Banamex is slated to go public in the future, but Chico Pardo will remain the principal shareholder, ensuring that Mexican interests continue to play a leading role in the bank’s governance. According to Reuters, negotiations between Chico Pardo and Citigroup intensified over the past six months, culminating in this landmark agreement.
Chico Pardo is no stranger to high-stakes business deals or to the world of finance. He currently serves as chairman of the board of ASUR, a major airport operator that manages nine airports in southeast Mexico, the main airport in San Juan, Puerto Rico, and six airports in Colombia. In addition, he is president and CEO of Promecap, a private equity firm with a reputation for strategic investments across Latin America. Earlier in his career, Chico Pardo founded and ran a successful brokerage firm, further cementing his credentials as one of Mexico’s most influential financiers.
The significance of this deal goes beyond the numbers. For many observers, Chico Pardo’s investment represents a turning point in the ongoing debate over foreign versus domestic ownership of key Mexican assets. The sale comes at a time when Mexico’s economy, despite facing global headwinds, has shown resilience and the potential for robust growth. By placing a substantial bet on Banamex, Chico Pardo is signaling that Mexican investors are ready and willing to take on a more prominent role in the country’s financial sector.
Citigroup’s decision to sell a significant stake in Banamex is also emblematic of broader shifts in global banking. As multinational banks reevaluate their footprints in emerging markets, local investors and institutions are increasingly stepping in to fill the void. For Citigroup, the move is part of a larger strategy to focus on wealth management and institutional clients, rather than on retail banking in Latin America. The sale to Chico Pardo allows Citigroup to retain a presence in Mexico while ceding greater control to domestic interests.
Regulatory approval remains a key hurdle before the transaction can be finalized. Mexican financial authorities will scrutinize the deal to ensure it aligns with national interests and maintains the stability of the banking system. Given the high-profile nature of the sale and the government’s stated preference for increased Mexican ownership, observers expect the process to move forward, albeit with careful oversight.
For Banamex customers and employees, the transition raises questions but also brings a sense of continuity. With 1,300 branches and 13 million customers, Banamex is a pillar of Mexico’s banking landscape. Chico Pardo’s track record of managing complex businesses—ranging from airports to private equity—suggests he is well-equipped to steer the bank through its next chapter. The plan to eventually take the rest of Banamex public could open new opportunities for Mexican investors and further embed the bank in the country’s economic fabric.
Industry analysts have noted that the deal arrives at a moment of renewed international interest in Mexico. The country’s strategic location, young workforce, and growing manufacturing sector have drawn attention from global investors. However, concerns over security, regulatory uncertainty, and the lingering effects of the COVID-19 pandemic remain. Chico Pardo’s willingness to commit $2.3 billion to Banamex is seen by many as a strong endorsement of Mexico’s long-term prospects.
As Chico Pardo himself put it, "I believe that the foreign investment which is so necessary for our country must complement domestic investment." His words reflect a broader philosophy that sees the future of Mexico’s economy as a partnership between global and local capital. The Banamex deal, with its blend of international legacy and renewed Mexican stewardship, could serve as a model for other sectors looking to balance foreign expertise with homegrown leadership.
In the coming months, all eyes will be on regulators and the boards of Banamex and Citigroup as they work to finalize the transaction. Should the deal proceed as planned, it will mark not just a financial milestone, but a symbolic return of a major Mexican bank to domestic hands. For Chico Pardo, for Banamex’s millions of customers, and for the country as a whole, the investment stands as a bold statement of confidence in Mexico’s future.
With the ink barely dry on the agreement, the story of Banamex’s next era is just beginning—and, if Chico Pardo’s optimism is any indication, it’s a story that many in Mexico are eager to see unfold.
