General Atlantic acquires equity stake in Banamex

General Atlantic has agreed to acquire an equity stake in Grupo Financiero Banamex from Citi as part of a broader 24% divestiture.

Following this announcement, General Atlantic has agreed to acquire an equity stake in Grupo Financiero Banamex (Banamex) from Citi, acting as lead investor in a broader transaction that will see Citi sell an aggregate 24% stake in the Mexico-based financial institution to a group of institutional investors and family offices.

The 24% stake, representing approximately 499 million shares, is priced at approximately USD 2.5 billion (MXN 43 billion). General Atlantic is leading the commitments within this transaction, which the US-based investment firm has described as its largest growth equity investment in Mexico to date.

Part of Citi's ongoing Banamex divestiture

According to the official press release, the transaction is the latest development in Citi's wider strategic exit from Banamex, which it had previously announced. In December 2025, Citi completed the sale of a 25% equity stake to the current Chair of the Board of Directors of Grupo Financiero Banamex, who also serves as the company's largest private shareholder.

Upon the closing of all committed purchases under the current and prior transactions, Citi will have divested 49% of Banamex in total. The transactions remain subject to customary closing conditions, including antitrust regulatory approval in Mexico, and are expected to complete during 2026.

General Atlantic's position in Mexico

General Atlantic has maintained a presence in Mexico since at least 2015, during which time it has invested more than USD 3 billion across 14 Mexico-headquartered companies. The Banamex transaction extends this track record into the banking sector, adding a systemically significant financial institution to its Mexican portfolio.

Banamex is one of Mexico's largest and longest-established banks, operating across retail banking, corporate finance, and financial services. Its scale and domestic reach make it a strategically notable asset within the country's financial system.

The broadened shareholder base, which now includes General Atlantic alongside Chico Pardo and other institutional investors and family offices, is intended to provide long-term aligned capital to support Banamex's continued development as an independent institution.

From a regulatory and market standpoint, the transaction reflects ongoing consolidation and ownership restructuring within Mexico's banking sector. Citi's divestiture of Banamex has been a closely watched process given the institution's size and significance. The phased approach — completing the reference shareholder transaction first, followed by institutional investor placements — suggests a deliberate sequencing designed to stabilise governance before broadening the capital base.

Citi's Banking group acted as exclusive financial adviser on the transactions.