Cancún Airport owner close to buying Banamex stake

Mexico City, Mexico — Fernando Chico Pardo, the 73-year-old principal shareholder of Grupo Aeroportuario del Sureste (Asur), which operates Cancún International Airport, is on the verge of acquiring a 50% stake in Banamex in two phases. The move would mark Citigroup's exit from the bank, which was once Mexico's leading financial institution but now ranks eighth.

A Strategic Acquisition in Two Phases

Chico Pardo, who previously served as Carlos Slim Helú's banker at Imbursa, is set to purchase 25% of Banamex's capital before the end of 2025 for an estimated $1.5 to $1.7 billion, according to reports from Heraldo. A second phase, to be completed within a year, would involve acquiring another 25% with the inclusion of additional investors, primarily Mexican nationals.

The transaction aligns with the Mexican government's mandate under President Claudia Sheinbaum, which requires Citigroup to sell Banamex to domestic investors. Once 50% of the bank's capital is under Mexican control, the final step would involve launching an Initial Public Offering (IPO) by late 2026 or early 2027 to facilitate Citigroup's complete divestment.

A Career-Defining Move

This potential acquisition would cap Chico Pardo's long and distinguished business career. In 2012, he attempted to purchase Banorte through negotiations with Carlos Hank Rhon but was unsuccessful.

Separately, Asur recently announced an agreement to acquire URW Airports, a subsidiary of Unibail-Rodamco-Westfield, in a deal valued at $295 million. The acquisition underscores Chico Pardo's expanding influence in both aviation and financial sectors.

The development has drawn significant attention as Banamex, once a dominant force in Mexican banking, transitions to new ownership under one of the country's most prominent businessmen.