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 more than 11 million clients through 1,833 branches and 12,640 ATMs, and employs 35,960 people. As of March 31, 2019, Grupo Financiero BBVA Bancomer (GFBB) had total assets of MX$2.2 trillion (US$115 billion), loans of MX$1.2 trillion (US$59 billion) and deposits of MX$1.6 trillion. It was named Best Digital Bank in Mexico 2019 by World Finance online magazine.
Banorte (or Grupo Financiero Banorte, S.A.B. de C.V.) is the second largest bank in Mexico and the largest controlled by Mexican capital in the country where many of major banks are foreign. GFNorte serves over 21 million clients through a network of more than 1,140 branches, 7,900 automated teller machines and 165,441 point of sale terminals. As of January 27, 2020, the company's market capitalization was US$17 billion.
Citibanamex (or Banco Nacional de México) is the third 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$1.47 trillion (US$75 billion) at March 2019.
Banco Santander Mexico
Banco Santander (México) is the fourth largest Mexican bank with 1,390 branches and over 8,000 ATMs. It offers current and savings accounts, term deposits, personal and mortgage loans, 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.
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, 2019, it had total assets of US$41.3 billion and total loans of US$20 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.
Inbursa (or Grupo Financiero Inbursa, S.A.B. de C.V.) offers personal and commercial banking, mortgages, deposit products, auto loans, business 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 September 30, 2019, Grupo Financiero Inbursa had a market capitalization of US$8.7 billion. The company employs around 11,440 people.
Bancomext (or Banco Nacional de Comercio Exterior, S.N.C.) is a state-owned development bank. It grants loans and guarantees through banking and non-banking financial institutions, with the goal of assisting Mexican firms in increasing their competitiveness. The Bank supports financing of imports, financing of Mexican exports, assistance to foreign investments, internationalization of Mexican firms and more. As of June 30, 2018, Bancomext had MXN 422.9 billion in total assets and MXN 216.7 billion in total loan portfolio.
Banco del Bajio
Banco del Bajio (BanBajío) is the tenth largest bank in Mexico with total assets of MXN 230 billion and 4,750 employees. It provides various commercial financial products and services to individuals, corporates, governments, and small and medium-sized enterprises across the country. It offers deposit and lending products, investments, insurance, debit and credit cards, mortgages, mobile and online banking and other services.
Grupo Financiero Interacciones, S.A. de C.V. is a specialized financial group with focus on lending to federal government, states and municipalities, infrastructure lending as well as financial advisory services. As of July 2018, Grupo Financiero Interacciones was acquired by Grupo Financiero Banorte, a Mexico's second largest bank. The new entity will be the largest banking group controlled by Mexicans.
Bank of America Mexico
Bank of America México, S.A. Institución de Banca Multiple provides wholesale, corporate and investment banking products and services across the country. The company was founded in 1995 and operates as a subsidiary of Bank America Corporation.
Top 10 Banks in Mexico by assets
Below is a list of the 10 largest banks in Mexico ranked by total assets in billions of U.S. dollars.
|Rank||Bank||Total assets, US$b (03/2019)|
|9||Banco del Bajio||11.808|