06:03 PM EDT, 09/24/2025 (MT Newswires) -- Citigroup ( C ) said late Wednesday that CHPAF Holdings, controlled by Fernando Chico Pardo and his family, will purchase a 25% stake in Grupo Financiero Banamex for around 42 billion Mexican peso ($2.3 billion).

The stake represents roughly 520 million shares and is priced at 0.80 times local GAAP book value, is pending Mexican regulatory approval, and is expected to close in H2 2026, the filing reported.

Once the transaction closes, Chico Pardo will become chair of Banamex's Board, with Manuel Romo continuing as chief executive officer, it added.

Citigroup ( C ) took a $726 million non-cash goodwill impairment on the transaction, as the reporting unit's fair value was below its carrying value; the charge is capital neutral.

Shares of the company were up 0.9% in after-hours trading.