MEXICO CITY, Oct 9 (Reuters) - Citigroup ( C/PN ) on

Thursday rejected Mexican mining and transport conglomerate

Grupo Mexico's bid for its retail unit in the

country, known as Banamex.

Citi said in a statement that it believed a previously

agreed 25% stake sale to Mexican billionaire Fernando Chico

Pardo and a public offering for the rest of the unit was the

best option to divest from Banamex responsibly and maximize

value for shareholders.