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Banks in Mexico

 

Mexican banks list

The Central Bank of Mexico, which is the body responsible for monitoring the activities of other banks in the country. In this article you will be shown the various financial entities operating in the country today. Also we will also show you the ones that are already defunct for information sake.

 

Owned by Mexicans

Banks that are owned by people of the country with their headquarters in this country are highlighted below:

  • Ixe banco.
  • Banca Mifel.
  • Banregio.
  • Banco Autofin.
  • Banorte.
  • Banco Amigo.
  • Banco VeX +
  • Banxca Afirme.
  • Banco Invex.
  • Banco Multiva.
  • Banco Interacciones.
  • Bansi S.A.
  • Banco Inbursa.
  • Banco Ahorro Famsa.
  • Banco del bajio (Banbajio)
  • Bancoppel.
  • Banco Azteca.
  • Banco Monex.

 

Foreign-owned banks

Aside from the ones owned by the locals, the country equally has several foreign banks operating within its borders.

Many of these have global reach. They can make fund transfer easy from one country to another. Especially if those have branches in the recipient’s country.

Check the list below for the foreign-owned banks:

  • BBVA Bancomer.
  • UBS Bank.
  • Banamex Citibank.
  • ING Bank.
  • Banco Santander ( formerly called Banco Satander Serfin)
  • Scotiabank Inverlat.
  • Banco Volkswagen Mexico.
  • Mitsubishi Bank.
  • Banco Waimart de Mexico  Adelante.
  • HSBC Mexico.

 

Development banks

These are set up by the government to promote the economic growth of the country. Some of them are highlighted below:

  • Bancomext, SNC, which is concerned with Importation and exporting.
  • Banjercito, SNC, which serves the country’s army.
  • Banobras, SNC, which is concerned with Project and Subnational finance.
  • Bansefi, SNC.
  • Financiera Rural, which his concerned with Agricultural development.
  • Nafin, SNC.
  • SHF, SNC, which is concerned with mortgage.

 

Defunct banks

Some are not operating anymore in Mexico. But they also should be mentioned in this write-up. These defunct banks are highlighted below:

  • Banca Confia: It is a failed bank and acquired by Citibank, which is now absorbed into Banamex.
  • Bacrester, which later became Bancrecer   .
  • Banca Promex, which started business as Banco de Zamora.
  • Banco Sofimex.
  • Banco Central Mexicana: it is also a failed bank.
  • Nacional de Mexico.
  • Banco del Centro, which was sold to Banorte.
  • Banco Mercantil Mexicano, which was merged with Banco Nacional and later, formed Banco National de Mexico.
  • Banco del Sureste.
  • Banco Mexicano Somex: It was sold to Invermexico and then became Banco Mexicano.
  • Banco Mexicano: It was sold to Banco Santander and then became Banco Santander Mexicano. It has now become a part of Banco Santander.
  • Banpais.
  • Banco Nacional Mexicano: It merged with Banco Mercantil to formed Banco Nacional de Mexico in 1884.
  • Banoro.
  • Banco Union: It is a failed bank  and sold to Banorte.
  • BBVA Probursa: It merged with Bancomer to form BBVA Bancomer.
  • Banpeco.
  • Banrural.
  • BCH.
  • Credito Mexicano.
  • BITAL: It was handed over to HSBC.
  • Multibanco Mercabntil Probursa, which was later christened BBVA Probursa.
  • Comermex: It was sold to Inverlat and then renamed Commermex Inverlat.
  • Prudential Bank: It was handed over to Actinver S.A.
  • Multibanco Mercantil de Mexico.
  • Banca Cremi: It was sold to Banco Union.
  • Banco del Atlantico: It was sold to BITAL and later controlled by HSBC
  • Banca Serfin: It merged with Banco Santansder Mexicano and then taken over by Banco SantanderSerfin
  • Banco de Londres, Mexico y Susdamerica:  It was the first Mexican bank ever. It was later renamed Banca Serfin.
  • Banco Hipotecario.
  • Banco Internacional: It was sold to Prime and then became BITAL.

 

Do you plan to live in Mexico, either part-time or full-time? Are you planning to buy a property here?  There is no way you will not need the service of a Mexican bank. So, you will have to open a Mexican bank account.

The banking industry has seen a lot of transformation in infrastructure. Especially in the last two decades. The reformation became necessary following the banking crises that occurred in the early part of the 1980s. Another set of reformation came to being in the mid-1990s following yet another banking crises.

The said crises led to job loss for many Mexicans. It also wiped out the savings of many people. Thousands of  businesses were equally compelled to fold up. Many  became strong and viable following the Tequila Crisis in 1994 to 1995.

Moreover, many of them were bought by foreign investment houses, like HSBC, Citibank, and several others. This brought foreign investment into Mexico, which led to the introduction of improved banking services, new technology, and recapitalization.

Also, Bank customers could also access a wide choice of banking products and services. Many of the banks equally started opening for a longer number of hours per day.

 

Problems

Despite the new wave described above in the Mexican banking industry, the services offered by the banks still recorded some problems here and there.

Examples are high interest on credit cards, high charges and commissions, and bureaucracy. The cost of unsecured loans equally rose, no thanks to the fact that sales tax in Mexico is added to loan interest, commissions, and banking charges.

 

Services

Moreover, some of the financial services offered by Mexican banks include the following:

  • AFORE, which is the tax-efficient saving investment funds.
  • A plethora of insurance services.
  • Personal loans.
  • Credit cards.
  • Deposit accounts.
  • Checking accounts.
  • And so on

You can access internet banking at all the principal banks in Mexico. You will, therefore, never have to be in a queue for a long period in banking halls. Internet service helps you to receive and transfer funds without visiting banking halls. Bank queues are usually very long on paydays.

There are brighter days ahead for this industry. That is thanks to the unwavering commitment of the decision makers in the banking industry. Also thanks to the central government to the progress of the financial industry in the country.

 

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