List of Banks in Mexico

The Mexican banking system is robust for many years. Currently, there are approximately 50 banks operating in Mexico. The banking sector is mostly owned by foreign financial institutions such as Santander, BBVA, Citigroup, HSBC and Scotiabank. Grupo Financiero Banorte and Grupo Financiero Inbursa are notable exceptions. Discover Mexico's best banks and the services they provide. Here is a list of banks operating in Mexico.

Top 10 Banks in Mexico

Following are the top 10 banks in Mexico in terms of total assets.

Rank Name Total assets, US$b
1 BBVA Bancomer 159.07
2 Banorte 106.37
3 Santander Mexico 93.42
4 CitiBanamex 84.91
5 HSBC Mexico 40.87
6 Scotiabank Mexico 39.04
7 Inbursa 30.56
8 Bancomext 23.21
9 Banco del Bajio 16.00
10 Afirme 15.41

Total assets as of December 31, 2022

BBVA Mexico

BBVA Mexico (formerly known as BBVA Bancomer) is the leading bank in Mexico in terms of assets, deposits, loans, branches and ATMs. The company provides a broad range of retail, private, corporate and investment banking services to more than 26 million customers through a network of over 1,700 offices and 13,700 ATMs across the nation. BBVA is the best bank in Mexico according to Global Finance.

Santander Mexico

Banco Santander (México) is one of the major banks in Mexico with over 20 million customers, 1,350 branches and 9,600 ATMs. It offers current and savings accounts, term deposits, personal and mortgage loans, low rate credit cards, insurance and pension products, cash management, working capital and trade finance, advisory services, mobile and internet banking and more. The company operates as a subsidiary of Spanish lender Santander Group.

Banorte

Grupo Financiero Banorte is the largest bank in Mexico controlled by Mexican capital. It employs about 30,000 people and serves more than 12 million customers through over 1,150 branches, 9,900 ATMs and 167,000 point of sale terminals. It offers consumer and business loans, deposit and insurance products, mortgages as well as infrastructure financing, lending to federal government, states and municipalities; investment banking, advisory services and more.

Citibanamex

Citibanamex (or Banco Nacional de México) provides a broad range of products and services to retail and corporate customers, small & medium-sized enterprises and governmental agencies. The company operates as a local arm of US-based Citigroup Inc. Established in 1884, Banamex is headquartered in Mexico City, with around 38,000 employees. It manages approximately 1,300 branches and 8,900 ATMs. It is the only major U.S. bank with a large presence in Mexico.

HSBC Mexico

HSBC Mexico is one of the top 5 banks in Mexico with over 850 branches, 5,600 ATMs and 14,000 employees. The Group operates through the following subsidiaries: Banco HSBC México, HSBC Seguros, HSBC Casa de Bolsa, Global Asset Management (México) and HSBC Servicios. The company is one of the safest banks in Latin America and Mexico according to Global Finance. As of September 30, 2023, it had $48 billion in total assets and $4.7 billion in shareholders’ equity.

Scotiabank Mexico

Scotiabank Mexico (Scotiabank Inverlat S.A.) is one of the leading banks in Mexico. It is controlled by Canada-based The Bank of Nova Scotia. With more than 10,000 employees, the company provides a wide range of banking and financial services to individual, commercial and corporate customers. Scotiabank Inverlat S.A. is a division of Grupo Financiero Scotiabank Inverlat S.A. de C.V.

Inbursa

Grupo Financiero Inbursa offers personal and commercial banking services including deposits, business and auto loans, mortgages, credit cards, asset management, leasing and capital market services, foreign exchange as well as pension, insurance and reinsurance products including life insurance, accident and health insurance, car insurance, and other services. The company is owned by Carlos Slim, a Mexican billionaire. As of January 10, 2023, Grupo Financiero Inbursa had a market capitalization of over US$11 billion. The company employs around 9,300 people.

Bancomext

Bancomext (or Banco Nacional de Comercio Exterior, S.N.C.) is a state-owned development bank. It grants loans and guarantees through banking and non-banking financial institutions, with the goal of assisting Mexican firms in increasing their competitiveness. The Bank supports financing of imports and Mexican exports, assistance to foreign investments, internationalization of Mexican firms and more. As of September 30, 2023, Bancomext had total assets of MXN 428 billion and loan portfolio of MXN 204 billion.

Afirme

Afirme Grupo Financiero, S.A. de C.V. is a holding company operating through its subsidiaries including Banco Afirme, Seguros Afirme, Arrendadora Afirme, Factoraje Afirme, and Almacenadora Afirme. It offers checking and savings accounts, auto loans, mortgages, payroll services, debit and credit cards, microcredits, wealth management, advisory services, insurance, online banking, foreign exchange and more.

Banco del Bajio

Banco del Bajio (BanBajío) is one of the major banks in Mexico with total assets of over MXN 340 billion and 4,750 employees. It provides various commercial financial products and services to individuals, corporates, governments, and small and medium-sized enterprises across the country. It offers deposit and lending products, investments, insurance, credit and debit cards, real estate services, and mobile and online banking, among others.

Bank of America Mexico

Bank of America México S.A., Institución de Banca Multiple provides wholesale, corporate and investment banking products and services in the country. The company was founded in 1995 and operates as a subsidiary of Bank of America Corporation.

See also: Largest Banks in Mexico

Locally owned Banks in Mexico

  • Banco de México (Bank of Mexico), established on September 1, 1925, is the central bank of the country.
  • Banco Azteca (full name: Banco Azteca S.A. Insitución de Banca Multiple) is a Mexican bank established in 2002. With over 1,950 branches, it has a presence in more than 800 municipalities of the Mexican Republic. The Bank’s offerings include savings accounts, personal and small business loans, credit cards, mortgages and other services.
  • Banco Actinver (full name: Banco Actinver S. A., Institucion de Banca Multiple, Grupo Financiero Actinver) was established in 1994 and is headquartered in Mexico City. The Bank's products are basic and payroll accounts, personal and commercial loans, debit cards, auto, home and life insurance, investment and advisory services, online banking and much more.
  • Banca Afirme
  • Banco Amigo
  • Banco Bancrea
  • Banca Mifel
  • Banco Multiva
  • BanCoppel
  • Banco BASE
  • Banco Ahorro Famsa
  • Banco Autofin
  • Covalto (formerly Credijusto) is SME focused digital banking platform. It is the first Mexican fintech to list on the Nasdaq exchange.
  • Banco Forjadores
  • Banco Monex
  • Banco del Bajio (BanBajio)
  • Banorte (Banco Mercantil del Norte)
  • Inbursa
  • Intercam Banco
  • Ixe Banco
  • Banco Inmobiliario Mexicano
  • Banco Interacciones merged with Banorte.
  • Banco Ve Por Mas
  • Bansi S.A.
  • CIBanco S.A.
  • Compartamos Banco
  • Banco Invex S.A. offers checking and savings accounts, debit and credit cards, personal and business loans, insurance products, merchant services, online banking and more.
  • Bankaool S.A. is the first online Mexican bank. It offers traditional accounts, debit cards, loans, insurance and other services.
  • Consubanco S.A. specializes in microfinance and low-income segments. The Bank's core business is payroll-deductible loans granted mainly to employees and pensioners of the public sector in Mexico. Historically large banks have ignored clients with low income, which means that a large part of the population has no access to banks.
  • Banco Regional S.A. (Banregio), headquartered in Monterrey, is a regional bank providing services primarily to small and medium-sized businesses. Banregio has been included on Forbes list of World's Best Banks 2023.
  • Hey Banco is a digital banking platform and Mexican neobank based in Nuevo Leon.

Foreign-owned banks in Mexico

  • Bank of America México
  • BBVA Bancomer
  • Citibanamex
  • Banco Volkswagen México
  • Banco Sabadell (México)
  • Barclays Bank Mexico
  • Banco Credit Suisse (México)
  • Banco Wal-Mart de México Adelante
  • Deutsche Bank México
  • JP Morgan Chase
  • HSBC México
  • Banco KEB Hana Mexico
  • Mizuho Bank Mexico
  • MUFG Bank México
  • Santander México
  • Scotiabank Inverlat

Development Banks in Mexico

Bancomext is a Mexican development bank established in 1937. The Bank’s main functions are financing Mexican exports and imports as well as supporting foreign investment.

Banco Nacional del Ejército (Banjercito) provides financial services to members of army, air force and navy as well as general public.

Banobras, SNC - subnational and project finance

Financiera Rural is a government owned institution providing services to agricultural sector.

Nacional Financiera (Nafinsa) is a development state-owned bank.

Sociedad Hipotecaria Federal (SHF) is a provider of mortgage services.

Last updated October 15, 2024