Citigroup agrees to sell 25% stake in Grupo Financiero Banamex for $2.28 billion to Mexican billionaire Fernando Chico Pardo. Banamex valued at $9.12 billion. Citigroup faces $726 million goodwill impairment charge. Pardo to become Banamex chair. Citi CEO Jane Fraser praises investment. Banamex IPO in works. Citigroup shares up 44% YTD.

Mexican billionaire Fernando Chico Pardo ranked eighth richest in Mexico with $3.5 billion net worth. Pardo chairs ASUR, owns private equity firm Promecap. Major investments in airport and port operations, hotel properties. Career began at age 27 with stock brokerage. ($1 = 18.3890 Mexican pesos)

Read more at Yahoo Finance: Citigroup sells stake in Banamex to Mexican billionaire for $2.3 billion