Citigroup is nearing a deal to sell 24% of its Mexican retail bank, Banamex, to a group of more than a dozen investors as Mexican billionaire Fernando Chico Pardo increases his stake in the bank. This transaction involves significant players in the finance sector, including private equity funds, banks, and family offices, with potential sales of less than 5% stakes for each investor. Notable names in this group include Blackstone and General Atlantic, along with BTG Pactual and Afore Sura, the pension fund arm of Colombian asset management firm Sura Asset Management.

The move comes as Citigroup, under CEO Jane Fraser's leadership, seeks to reduce its stake in Banamex, reflecting a broader strategy of scaling back its operations in certain international markets. The strategic divestment may also align with Citigroup's efforts to prioritize its core banking operations, concentrating on markets where it sees the most potential for growth.

This significant sale indicates an evolving landscape in Mexico's banking sector where investment from private equity and institutional investors is becoming increasingly important. The transactions will likely have implications for the competitive dynamics in retail banking within Mexico, especially with prominent investors like BTG Pactual entering the fold, which could lead to changes in strategy and approach for Banamex as it transitions under new ownership.