Citi’s Mexico-based bank has received a major investment boost and been rebranded. Data collected by The Banker reveals its major competitors, as Danielle Myles reports.
Change is afoot in Mexico’s bank sector. On October 4 Citi announced that it will invest more than $1bn in its local bank business, Banco Nacional de México, by 2020. Historically known as Banamex, going forward the bank will be called Citibanamex.
Citibanamex is part of Grupo Financiero Banamex which, according to The Banker data, is the country’s second biggest bank by Tier 1 capital. BBVA Bancomer is the biggest, with $8.394bn in Tier 1 capital. They are followed by Grupo Financiero Santander, Grupo Banorte and Banco Inbursa.
All five banks have healthy Tier 1 capital ratios (between 14% and 20.28%) and recorded respectable pre-tax profits in the year ending 2015. BBVA Bancomer’s was $2.468bn, while the second, third and fourth biggest banks made between $1bn and $1.566bn.
All data is based on year-end 2015 and sourced from www.thebankerdatabase.com
