The Bank of Mexico is the main financial institution in this country (Banco de Mexico). The Mexican central bank manages credit restrictions, the domestic money supply, and the foreign exchange market. It also establishes reserve requirements for Mexican banks.
Mexico has a variety of banks, including public development banks.
- Institutions offering public credit.
- Private businesses banks.
- Banks for private investments.
- Associations for savings and loans.
- Mortgage lenders.
The leading Mexican banks
The top banks are listed below:
Bank of America
The biggest bank is BBVA Bancomer, which was founded in 1932. It offers a range of financial goods and services to businesses, governments, people, SMEs, and other clients. The financial institution runs 125,000 POS terminals, 7,700 ATMs, and 1,800 branches. Its headquarters are in Mexico City, where there are about 34,000 employees.
Santander Mexico
Santander Mexico operates in two divisions since 1932:
- Business Banking.
- International Corporate Banking.
The financial institution employs 2,297 contact centers, 9,448 ATMs, and 1,350 offices to carry out its business. There are about 22,300 people working there.
Banorte
Banorte was established in 1899 and is a wholly-owned subsidiary of Grupo Financiero Banorte, one of Mexico’s top holding companies for banking and financial services. The financial institution has 30,000 employees and is headquartered in Mexico City. Around 1,182 branches, 8,919 ATMs, 6,989 third-party correspondents, and 166,505 POS terminals make up its operating network.
Banamex
Banamex, also known as Banco Nacional de México, S.A, is active both in Mexico and abroad. The financial institution was founded in 1884 and has its headquarters in Mexico City. It employs about 37,000 people. It oversees 7,500 ATMs and about 1,600 outlets.
Bancomext
Bancomext was established in 1937 and offers a range of financial services and products in that state. The financial institution actively performs the role of an export credit organization by providing financing and support for small- and medium-sized local exporting businesses. Additionally, it provides consulting services to businesses that want to start exporting.
Financial group Inbursa
Individuals and SMEs over there can obtain banking services from Grupo Financiero Inbursa. The institution, which was founded in 1985, runs business divisions that specialize in investment funds, general insurance, vehicle insurance, mortgages, health insurance, retirement funds, and commercial banking. It has a headquarters in Mexico City and around 10,901 employees.
S.A. Deutsche Bank Mexico
Operating as a division of Deutsche Bank Americas Holding Corporation is Deutsche Bank Mexico S.A. It is situated in Mexico City and has about 54 employees. Deutsche Bank greatly increased its local presence by acquiring licenses for (broker-dealer) and Deutsche Bank Mexico, S.A. Institución de Banca Múltiple (its subsidiary) in 1995 and 2000, respectively.
Bank of the Bajio
Banco del Bajio, established in 1994, provides a range of commercial banking goods and services to people, businesses, governments, and SMEs. It offers an extensive selection of financial goods and services to private clients, governmental organizations, small and medium-sized businesses, and corporations. Additionally, it offers its clients services via an online and mobile platform.
Aztec Bank
It’s an institution with operations in El Salvador, Mexico, Panama, Guatemala, Honduras, Peru, and Panama. Consumer credit for goods, personal loans, small business loans, credit cards, mortgages, and payroll systems are among the company’s offerings. When Grupo Elektra obtained the necessary financial services license in March 2002, Banco Azteca was established. On October 30, 2002, it officially opened. Due to loose bankruptcy, consumer protection, and interest rate legislation, it came under fire in a 2007 BusinessWeek magazine article for abusing microcredit methods there.
