(Reuters) -Citigroup ( C/PN ) said on Wednesday it has agreed to sell an equity stake in Grupo Financiero Banamex to a company owned by Fernando Chico Pardo and his immediate family, marking a step toward the firm's planned divestiture of the unit.

Citigroup ( C/PN ) will sell a 25% stake in Banamex for 42 billion Mexican pesos, equivalent to $2.3 billion. The bank said in a filing the transaction is expected to close in the second half of 2026.