Nearly a decade after a financial crisis ripped through Mexico, local bankers are now beaming as earnings rise. But, as profits are transferred to the headquarters of the foreign banks that dominate Mexico’s financial landscape, resentment is deepening among local politicians. Stepped up scrutiny may toughen the operating environment for banks.
In the first quarter of this year Banamex, Bancomer, Santander Serfin, HSBC and Scotiabank, all foreign owned, racked up about $7.5bn in earnings, a 14% jump from the same period in 2003.
