Citigroup Taps Wall Street Banks for Over $3B Banamex IPO

Seeking Alpha··MXUS·Read original
3▲5 ▼0Impact / 5
Summary · why it matters

Citigroup is rounding up Wall Street banks as it seeks to raise more than $3B in an initial public offering for Mexico's Grupo Financiero Banamex, according to a media report. Bank of America, Goldman Sachs Group, and JPMorgan Chase are also participating in the deal, Bloomberg News reported, citing people familiar with the matter, adding that Citi and Banamex are planning for a listing in January. The banks are still assessing how much of Citigroup's remaining holdings in Banamex can be sold before an IPO, as further smaller stake sales are still possible, and talks are continuing with more banks potentially added and details subject to change. Last year, Citi sold a 25% stake in the Mexican retail bank to local billionaire Fernando Chico Pardo for about $2.3B, and earlier this year it sold 24% more of Banamex to General Atlantic and Blackstone.

Impact on assets 5

Digital Finance & Tokenization▲ · 2 stocks
Citigroup Inc.
C
▲ PositiveCapitalrelevance

Citigroup is the subject, rounding up banks to raise over $3B via a Banamex IPO.

JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorgan Chase is participating in the over $3B Banamex IPO deal, a fee-generating mandate.

Financials▲ · 2 stocks
Bank of America Corp
BAC
▲ PositiveCapitalrelevance

Bank of America is participating in the over $3B Banamex IPO deal, a fee-generating mandate.

Goldman Sachs Group Inc
GS
▲ PositiveCapitalrelevance

Goldman Sachs is participating in the over $3B Banamex IPO deal, a fee-generating mandate.

Artificial Intelligence▲ · 1 stocks
Blackstone Group Inc
BX
▲ PositiveCapitalrelevance

Blackstone earlier bought a 24% stake in Banamex, part of Citi's stake-sale process tied to the IPO.

Off-coverage companies 1

Grupo Financiero BanamexPrivate▲ Positive
Capitalrelevance

Banamex is the subject of a planned IPO raising over $3B, a major capital-markets event for the Mexican bank.

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