The five biggest Mexican banks based on total assets are shown below:
Source: The Banker
The banking industry in Mexico is heavily dominated by foreign banks. Mexico’s largest bank Banamex is a Citigroup (NYSE:C) subsidiary. BBVA Bancomer is the subsidiary of Spanish banking group BBVA. Based in Monterrey Grupo Financiero Banorte has been in business since 1899. HSBC Mexico is a member of the British banking group HSBC (HBC). Santander Mexico is part of the Spanish banking giant Banco Santander (STD). Last week Bank of America (NYSE:BAC) sold its entire 24.9% stake in Santander Mexico to Banco Santander giving Santander full control of the bank.