Citi Reports Banamex Equity Sale Agreement and Goodwill Impairment
Summary
On September 24, 2025, Citigroup Inc. (Citi) announced an agreement for CHPAF Holdings S.A.P.I de C.V. to purchase a 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. for an estimated MXN 42 billion (approximately USD 2.3 billion). Concurrently, Citi incurred a non-cash goodwill impairment of approximately USD 726 million related to the Banamex reporting unit, which is capital neutral. * The transaction is expected to be completed in the second half of 2026. * Fernando Chico Pardo will be appointed as Chair of the Board of Directors of Banamex upon closing. * The goodwill impairment was recorded within Other operating expenses on the All Other -Legacy Franchises reporting unit.
Why It Matters
This report signals a significant strategic move for Citi with the partial sale of Banamex and the formation of a new strategic relationship, alongside a material non-cash impairment charge that impacts reported earnings but not capital.
Key Quote
“On September 24, 2025, Citi incurred a non-cash goodwill impairment of approximately USD 726 million within Other operating expenses on the applicable reporting unit within.”
— From Item 2.06
Filing Details
Reported Items
Additional Information
- CIK Number
- 0000831001
- Filing Date
- Wednesday, September 24, 2025
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- neutral