Banamex
Banamex wins the award for Mexico as a result of an excellent performance last year and its continued dynamic expansion in the local market.
The bank, acquired by US banking giant Citigroup two years ago, has emerged as the leader in the most crucial areas of Mexican banking, including retail deposits, mutual funds, retirement funds and credit cards. Taking retirement funds as an example, the bank boasts more than five million investors.
Banamex has enormous financial strength, which is reflected in the highest Tier 1 capital ratio among its peers, and is the only bank in Mexico with a triple A peso rating.
These factors helped the bank to perform well in 2002. Net profit surged 249% and ROE was 25%. The cost-to-income ratio dipped to 55% and there were big gains in assets and Tier 1 capital.
The bank demonstrated expertise on the capital markets, being the first Mexican bank to introduce an investment product guaranteeing the invested principal. It was also the arranger for Mexico’s first municipal bond.
On the products front, last year Banamex launched the first credit card programme under which cardholders can pay their bills in installments without interest. It also unveiled Mexico’s first chip-based credit cards.
