The banking sector in Mexico is mostly owned by foreigners such as Spanish financial institutions BBVA and Santander, British lender HSBC, American Citigroup and Canadian Scotiabank. Grupo Financiero Banorte and Grupo Financiero Inbursa are notable exceptions. Here is a list of the largest and best banks in Mexico.
BBVA Bancomer is the largest bank in Mexico in terms of total assets, deposits, loans, number of branches and ATMs. It serves about 22 million clients through 1,865 branches and 13,070 ATMs, and employs 37,170 people. As of March 31, 2020, Grupo Financiero BBVA Bancomer (GFBB) had total assets US$117 billion, loans of US$55 billion and deposits of US$79 billion. It was named Best Digital Bank in Mexico by World Finance online magazine as well as Best Bank in Mexico and Best Investment Bank in Mexico by Euromoney.
Banco Santander Mexico
Banco Santander (México) is the second largest bank in Mexico with 1,390 branches and over 8,000 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 credit lender Santander Group.
Banorte (or Grupo Financiero Banorte, S.A.B. de C.V.) is the third largest bank in Mexico and the largest controlled by Mexican capital in the country where many of major banks are foreign. With over 30,100 employees, GFNorte serves over 12 million customers through a network of more than 1,180 branches, 8,900 automated teller machines and 166,500 point of sale terminals. As of June 10, 2020, the company's market capitalization was US$11 billion. It was named Bank of the Year in México by Latin Finance and Best Mexican Bank by Global Finance.
Citibanamex (or Banco Nacional de México) is the fourth largest banking group in Mexico by total assets. It provides wide a range of products and services to corporate and retail customers, governmental agencies and small and medium-sized enterprises. The company operates as a local arm of US based Citigroup Inc. Citibanamex's total assets amounted to MX$1.605 trillion (US$67 billion) at March 2020.
HSBC Mexico (or Grupo Financiero HSBC, S.A. de C.V.) is the leading financial institution and 5th largest banking group in Mexico with over 950 branches, 5,600 ATMs and 16,000 employees. The Group operates through the following subsidiaries: Banco HSBC México, HSBC Seguros, HSBC Casa de Bolsa, HSBC Global Asset Management (México) and HSBC Servicios. In 2018, HSBC Mexico was named Best Bank of Transformation in Latin America by Euromoney. As at March 31, 2020, it had total assets of US$36 billion and total loans of US$18 billion.
Scotiabank Mexico (Scotiabank Inverlat, S.A.) is one of the top 10 banks in Mexico. It is controlled by Bank of Nova Scotia, one of the largest Canadian banks. With more than 8,500 employees, the company provides a wide range of banking and financial products and services to individual, commercial and corporate customers. Scotiabank Mexico is a division of Grupo Financiero Scotiabank Inverlat.
Grupo Financiero Inbursa offers personal and commercial banking, mortgages, deposits, business loans, auto loans, 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 June 10, 2020, Grupo Financiero Inbursa had a market capitalization of US$5.2 billion. The company employs around 11,440 people.
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, financing of Mexican exports, assistance to foreign investments, internationalization of Mexican firms and more. As of March 31, 2020, Bancomext had total assets of MXN 478.9 billion and total loan portfolio of MXN 263 billion.
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 the tenth largest bank in Mexico with total assets of MXN 252 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, mortgages, mobile and online banking and other services.
Grupo Financiero Interacciones, S.A. de C.V. was a specialized financial group with focus on lending to federal government, states and municipalities, infrastructure financing as well as advisory services. As of July 2018, it was acquired by Grupo Financiero Banorte, Mexico's third largest bank. The new entity will be the largest banking group controlled by Mexicans.
Bank of America Mexico
Bank of America México, S.A. Institución de Banca Multiple provides wholesale, corporate and investment banking products and services across the country. The company was founded in 1995 and operates as a subsidiary of Bank of America Corporation.
Top 10 Banks in Mexico by assets
Below is a list of the 10 largest banks in Mexico ranked by total assets in billions of U.S. dollars.
|Rank||Bank||Total assets, US$b (03/2020)|
|10||Banco del Bajio||10.538|
Exchange rate on March 31, 2020