MEXICO CITY, Sept 25 (Reuters) -

Mexican

President Claudia Sheinbaum on Thursday said it was "good

news" that a local billionaire had tied up an agreement to

purchase a 25% stake in Citigroup's ( C/PN ) retail unit in the

country, Banamex.

Sheinbaum cheered the Citigroup ( C/PN ) deal putting Banamex "in the

hands of Mexicans" by selling the stake for $2.3 billion to

business magnate Fernando Chico Pardo, who chairs airport

operator ASUR.

Analysts saw the announcement as a positive step towards

Citigroup's ( C/PN ) full divestment. The price of the stake, valuing the

full Banamex at around $9.12 billion, effectively creates a

'floor' for a potential initial public offering (IPO). "At least

it gives clarity on how much a full divestiture could raise",

said Mike Mayo, Wells Fargo's bank analyst, in a phone

interview.

In a note published on Thursday, Mayo said a potential

Banamex IPO could be delayed to mid to late 2026, instead of the

formerly expected early 2026 timeframe.

Bank of America analyst Ebrahim Poonawala said the deal was

positive and a significant step towards reaching higher

profitability. Poonawala sees the deal as the replacement for a

first share sale in an IPO, as Citigroup ( C/PN ) had estimated to sell

15 to 20% in the first transaction. "In addition, the deal could

be viewed as setting a potential floor price for Banamex ahead

of an IPO," he said in a note published on Thursday.

The analyst added that Fernando Chico Pardo has a

longstanding relationship with Banamex. His wife, Veronica

Hernandez, is the sister of Roberto Hernandez, former owner and

CEO of Banamex.