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The Independent UK

National

Via AP news wire

Billionaire says $2.3 billion Banamex stake signals confidence in Mexico's economy

Banamex Mexico Citigroup

A day after Citigroup announced it would sell a 25% stake in Banamex to billionaire Fernando Chico Pardo, the Mexican businessman said his $2.3 billion investment should be read as a sign of confidence in Mexico’s government and economic potential.

The sale, which is expected to be completed next year after Mexican regulators sign off, comes after Citigroup announced in January 2022 that it was moving away from retail banking in Latin America.

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One subscription that gives you access to news from hundreds of sites

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