White & Case LLP announced on May 6 that it advised Citigroup Inc. and Grupo Financiero Banamex, S.A. de C.V. on the closing of a sale involving approximately 22.6 percent of Banamex’s share capital to various Mexican and international investors for about $2.5 billion.
The transaction marks a significant step in Citigroup’s ongoing divestiture efforts regarding its interests in Banamex, reflecting continued changes in the financial landscape for both institutions.
According to White & Case, the firm provided legal advice covering all Mexican law aspects of the deal, including regulatory, corporate, and antitrust matters. The sale was first announced by Citigroup Inc. in February.
This deal follows previous moves by Citi to separate Grupo Financiero Citibanamex into two entities—Grupo Financiero Banamex and Grupo Financiero Citi México—in 2024, as well as a prior sale of a 25 percent stake in Banamex to Fernando Chico Pardo in 2025.
The White & Case team involved partner Narciso Campos as lead counsel alongside partners Henri Capin, Eduardo Flores, Román González; local partner Fernando Vázquez Chelius; counsel Jorge Escalante; and associates Andrés Sánchez, Dieter Kuhn, Germán Macías, Diego Mendoza, Juan María López and Alexandro López—all based in Mexico City.
