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Grupo Financiero Banamex

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After Citigroup's purchase of Banamex in 2001, Banamex decided to expand into the U.S. by opening a subsidiary in the country and creating Banamex USA. Most of the bank branches were located in the Southwest with branches in California, Texas, and Arizona. The U.S. subsidiary didn't last long though
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acquired Grupo Financiero Banamex-Accival for US$ 12.5 billion, which became Grupo Financiero Banamex. This was the largest-ever U.S.-Mexico corporate merger. Grupo Financiero Banamex's operations were integrated with Citibank's relatively small existing Mexico business under the Banamex brand name.
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announced a major devaluation of the peso and nationalized all private banks in Mexico. For the next nine years, Banamex operated as a government-owned national credit association. In 1991, Banamex was reprivatized and it established Grupo Financiero Banamex–Accival with the investment bank Acciones
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in a two to one (or in some cases greater) ratio with respect to the newly injected fresh capital in exchange for a long-dated government note with capitalized interest. Banamex eventually sold $ _ worth of non-performing loans to IPAB, and its shareholders injected $ _ of fresh equity. The
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In October 2014, allegations were made that employees had taken millions of dollars in kickbacks from vendors. Authorities in Mexico and the United States are investigating the allegations. Citigroup encouraged Manuel Medina-Mora to resign.
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and was shut down in 2015 after a 6-year investigation into Citigroup's and Grupo Financiero Banamex' money laundering scheme by the U.S. Department of Justice. This resulted in Citigroup having to pay a $ 140 million fine.
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y Valores de México (Accival). It had 720 branch offices, 31,797 employees, assets of $ 26.2 billion and a customer base of four million people making it the largest financial group in Latin America at the time.
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Banamex was formed on 2 June 1884 from the merger of two banks, Banco Nacional Mexicano and Banco Mercantil Mexicano, which had operated since the beginning of 1882. The newly founded bank had branches in
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banking system in 1972. In 1977, Grupo Banamex was formed by merging the bank with its investment and mortgage assets. Four years later, Banamex acquired the California Commerce Bank.
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combination of these measures coupled with a recovery of the Mexican economy helped clean up the bank's balance sheet.
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As a result of the private credit aggressive expansion in Mexico, resulted in a strain of the bank's balance sheet (
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Banamex gradually introduced several financial product innovations to the Mexican market including the first
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was the CEO. In 1997, Afore Banamex was created to access the newly created private pension fund market.
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and US government officials. By 1937, 36 out of 50 bank branches in Mexico were owned by Banamex.
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In order to avoid the potentially catastrophic effects of generalized bank bankruptcies, the
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Facade of the Banamex building located on the corner of Carranza and Palma streets in the
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and the ensuing significant increase in domestic interest rates coupled with a dramatic
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Technological Innovation in Retail Finance: International Historical Perspectives
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administration decided to rescue the troubled banks through a government fund (
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Bernardo Batiz-Lazo, J. Carles Maixé-Altés, Paul Thomes (23 November 2010).
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Stock Market Advice | Investment Newsletters - Profit Confidential
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During a severe economic crisis in 1982, then Mexican president
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Building a Global Bank: The Transformation of Banco Santander
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The following are subsidiaries of Grupo Financiero Banamex:
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December 1994 macro-devaluation of the Mexican pesos
48:. Unsourced material may be challenged and removed. 725: 699: 697: 695: 693: 691: 689: 687: 469:Banamex former logo used from the 1990s until 2016 1032: 800:Mauro F. Guillén, Adrian Tschoegl (1 July 2008). 2027: 833: 684: 665:Grupo Financiero Banamex, S.A. de C.V. (2013). 355:. The Banamex Financial Group was purchased by 1788: 1158: 885: 883: 728:"The advantages of local acquiring in Mexico" 785:: CS1 maint: multiple names: authors list ( 1105:. 22 July 2015 – via www.reuters.com. 965:"Grupo Financiero Citibanamex, S.A. de C.V" 806:. Princeton University Press. p. 102. 1795: 1781: 1165: 1151: 880: 479:Instituto de Protección al Ahorro Bancario 128: 2056:Mexican subsidiaries of foreign companies 705:"History of Grupo Financiero Banamex S.A" 363:. It continues to operate as a Citigroup 108:Learn how and when to remove this message 634: 632: 520: 464: 421: 339:has its origins and is the owner of the 1081:"Citigroup Likely to Close Banamex USA" 921:U.S. Securities and Exchange Commission 889: 639:Banco Nacional de México, S.A. (2013). 2028: 959: 957: 658: 483:Fondo Bancario de Protección al Ahorro 1776: 1146: 1012:"Informacion Corporativa de Tarjetas" 834:Jonathan Kandell (18 February 2004). 629: 337:Grupo Financiero Banamex S.A. de C.V. 1039:. World Bank Publications. p. 5 351:). It is the second-largest bank in 46:adding citations to reliable sources 17: 1802: 954: 726:Juliana Etcheverry (19 July 2017). 13: 1036:The Mexican Pension Annuity Market 359:in August 2001 for $ 12.5 billion 14: 2077: 1112: 890:Simpson, Atoll (9 January 2017). 551:Operadora e Impulsora de Negocios 1757: 1756: 1316:Morgan Stanley Wealth Management 1226: 597: 583: 288: 287: 271: 270: 254: 253: 173:Grupo Financiero Banamex Accival 22: 1091: 1073: 1051: 1026: 1004: 982: 934: 909: 516: 33:needs additional citations for 2066:Privatized companies in Mexico 855: 827: 793: 745: 732:Latin America Business Stories 719: 646:(in Spanish). pp. 6–7, 61 567: 1: 2061:1884 establishments in Mexico 1301:Court Square Capital Partners 1172: 623: 225:Manuel Medina-Mora Escalante 7: 1213:Al Waleed bin Talal Al Saud 863:"Roberto Hernández Ramírez" 667:"Consejo de Administración" 576: 10: 2082: 1433:James Stillman Rockefeller 1033:Gregorio Impavido (2007). 758:. Routledge. p. 108. 370: 57:"Grupo Financiero Banamex" 2051:Banks established in 1884 1982: 1854: 1828: 1810: 1731: 1705: 1572: 1504:Roberto Hernández Ramírez 1466: 1343: 1311:Diners Club International 1288: 1242: 1235: 1224: 1180: 499:Roberto Hernández Ramírez 396:, and opened a branch in 318: 306: 296: 279: 262: 249: 235: 219: 201: 178: 168: 158: 148: 136: 127: 121:Grupo Financiero Banamex, 1692:United States of America 341:Banco Nacional de México 292:US$ 58.4 billion (2011) 258:US$ 18.3 billion (2010) 195:Banco Nacional de México 1718:California Federal Bank 1331:The Travelers Companies 1296:ClearBridge Investments 275:US$ 1.7 billion (2010) 227:(Chairman of the Board) 184:; 140 years ago 1723:Franklin National Bank 867:The Nature Conservancy 529: 481:or IPAB, later called 470: 448:loan portfolio quality 435: 1061:(in Spanish). Banamex 1014:(in Spanish). Banamex 524: 468: 425: 400:. After the start of 1740:388 Greenwich Street 1687:United Arab Emirates 1453:Robert B. Willumstad 1306:CVC Capital Partners 1236:Brands and companies 969:Dun & Bradstreet 491:non-performing loans 229:Ernesto Torres Cantú 42:improve this article 1983:Foreign-owned banks 1949:Banco Interacciones 1846:Banco del Bienestar 1438:William Rockefeller 548:Arrendadora Banamex 440:José López Portillo 298:Number of employees 124: 1875:Banco Ahorro Famsa 1559:Franklin A. Thomas 1188:Michael E. O'Neill 950:. 14 October 2014. 947:The New York Times 841:The New York Times 707:. Funding Universe 530: 504:On 6 August 2001, 497:From 1997 to 2001 471: 460:economic recession 436: 163:Financial services 120: 2023: 2022: 1928:Compartamos Banco 1829:Development banks 1770: 1769: 1529:Andrew N. Liveris 1479:Michael Armstrong 1358:Michael Bloomberg 1353:Winfried Bischoff 1346:former executives 1339: 1338: 1321:OneMain Financial 1275:Metalmark Capital 1265:Citi Private Bank 1203:William R. Rhodes 557:Pensiones Banamex 525:A Banamex ATM in 334: 333: 118: 117: 110: 92: 2073: 2010:Santander México 1797: 1790: 1783: 1774: 1773: 1760: 1759: 1678: 1393:Sallie Krawcheck 1240: 1239: 1230: 1167: 1160: 1153: 1144: 1143: 1139: 1135:Fomento Cultural 1131: 1123: 1107: 1106: 1095: 1089: 1088: 1077: 1071: 1070: 1068: 1066: 1059:"Fomento Social" 1055: 1049: 1048: 1046: 1044: 1030: 1024: 1023: 1021: 1019: 1008: 1002: 1001: 999: 997: 986: 980: 979: 977: 975: 961: 952: 951: 938: 932: 931: 929: 927: 913: 907: 906: 904: 902: 887: 878: 877: 875: 873: 859: 853: 852: 850: 848: 831: 825: 824: 822: 820: 797: 791: 790: 784: 776: 774: 772: 749: 743: 742: 740: 738: 723: 717: 716: 714: 712: 701: 682: 681: 679: 677: 671: 662: 656: 655: 653: 651: 645: 636: 607: 602: 601: 600: 593: 588: 587: 586: 560:Fomento Cultural 330: 327: 325: 291: 290: 284: 274: 273: 257: 256: 192: 190: 185: 182:2 June 1884 132: 125: 119: 113: 106: 102: 99: 93: 91: 50: 26: 18: 2081: 2080: 2076: 2075: 2074: 2072: 2071: 2070: 2041:Banks of Mexico 2026: 2025: 2024: 2019: 1978: 1850: 1824: 1806: 1804:Banks of Mexico 1801: 1771: 1766: 1727: 1701: 1672: 1568: 1539:Richard Parsons 1524:Klaus Kleinfeld 1494:Kenneth T. Derr 1462: 1403:George S. Moore 1388:Thomas W. Jones 1383:Lewis Glucksman 1378:Stanley Fischer 1363:Gary Crittenden 1345: 1335: 1284: 1231: 1222: 1198:Richard Parsons 1176: 1171: 1137: 1129: 1121: 1115: 1110: 1097: 1096: 1092: 1079: 1078: 1074: 1064: 1062: 1057: 1056: 1052: 1042: 1040: 1031: 1027: 1017: 1015: 1010: 1009: 1005: 995: 993: 988: 987: 983: 973: 971: 963: 962: 955: 940: 939: 935: 925: 923: 915: 914: 910: 900: 898: 888: 881: 871: 869: 861: 860: 856: 846: 844: 832: 828: 818: 816: 814: 798: 794: 778: 777: 770: 768: 766: 750: 746: 736: 734: 724: 720: 710: 708: 703: 702: 685: 675: 673: 669: 663: 659: 649: 647: 643: 637: 630: 626: 603: 598: 596: 589: 584: 582: 579: 570: 545:Seguros Banamex 527:Puerto Vallarta 519: 475:Ernesto Zedillo 428:historic center 415:in 1968 and an 406:Banco de Mexico 394:San Luis Potosí 373: 322: 299: 280: 267: 230: 228: 226: 222: 215: 209: 188: 186: 183: 141: 122: 114: 103: 97: 94: 51: 49: 39: 27: 12: 11: 5: 2079: 2069: 2068: 2063: 2058: 2053: 2048: 2046:Mexican brands 2043: 2038: 2021: 2020: 2018: 2017: 2012: 2007: 2002: 1997: 1992: 1986: 1984: 1980: 1979: 1977: 1976: 1971: 1966: 1961: 1956: 1951: 1946: 1941: 1936: 1930: 1925: 1920: 1915: 1910: 1905: 1902: 1897: 1892: 1887: 1882: 1877: 1872: 1867: 1862: 1858: 1856: 1852: 1851: 1849: 1848: 1843: 1838: 1832: 1830: 1826: 1825: 1823: 1822: 1820:Bank of Mexico 1816: 1814: 1808: 1807: 1800: 1799: 1792: 1785: 1777: 1768: 1767: 1765: 1764: 1754: 1732: 1729: 1728: 1726: 1725: 1720: 1715: 1709: 1707: 1703: 1702: 1700: 1699: 1694: 1689: 1684: 1679: 1667: 1662: 1657: 1652: 1647: 1642: 1637: 1632: 1627: 1622: 1617: 1612: 1607: 1602: 1597: 1592: 1587: 1582: 1576: 1574: 1573:Local entities 1570: 1569: 1567: 1566: 1561: 1556: 1551: 1546: 1541: 1536: 1531: 1526: 1521: 1516: 1511: 1506: 1501: 1499:John M. Deutch 1496: 1491: 1486: 1481: 1475: 1473: 1464: 1463: 1461: 1460: 1458:Walter Wriston 1455: 1450: 1445: 1440: 1435: 1430: 1425: 1420: 1415: 1413:Joe J. Plumeri 1410: 1405: 1400: 1398:Victor Menezes 1395: 1390: 1385: 1380: 1375: 1370: 1365: 1360: 1355: 1349: 1347: 1341: 1340: 1337: 1336: 1334: 1333: 1328: 1323: 1318: 1313: 1308: 1303: 1298: 1292: 1290: 1286: 1285: 1283: 1282: 1277: 1272: 1267: 1262: 1257: 1252: 1246: 1244: 1237: 1233: 1232: 1225: 1223: 1221: 1220: 1215: 1210: 1208:Lewis B. Kaden 1205: 1200: 1195: 1190: 1184: 1182: 1178: 1177: 1170: 1169: 1162: 1155: 1147: 1141: 1140: 1132: 1124: 1114: 1113:External links 1111: 1109: 1108: 1090: 1087:. 1 June 2015. 1072: 1050: 1025: 1003: 981: 953: 933: 908: 879: 854: 826: 813:978-1400828333 812: 792: 764: 744: 718: 683: 657: 627: 625: 622: 621: 620: 615: 613:1884 in Mexico 609: 608: 594: 578: 575: 569: 566: 565: 564: 563:Fomento Social 561: 558: 555: 554:Acción Banamex 552: 549: 546: 543: 540: 537: 518: 515: 506:Citigroup Inc. 452:capitalization 372: 369: 332: 331: 320: 316: 315: 310: 304: 303: 300: 297: 294: 293: 285: 277: 276: 268: 263: 260: 259: 251: 247: 246: 237: 233: 232: 223: 220: 217: 216: 211: 205: 203: 199: 198: 180: 176: 175: 170: 166: 165: 160: 156: 155: 150: 146: 145: 142: 137: 134: 133: 116: 115: 98:September 2014 30: 28: 21: 9: 6: 4: 3: 2: 2078: 2067: 2064: 2062: 2059: 2057: 2054: 2052: 2049: 2047: 2044: 2042: 2039: 2037: 2034: 2033: 2031: 2016: 2013: 2011: 2008: 2006: 2003: 2001: 1998: 1996: 1993: 1991: 1988: 1987: 1985: 1981: 1975: 1972: 1970: 1969:Banco Multiva 1967: 1965: 1962: 1960: 1957: 1955: 1952: 1950: 1947: 1945: 1942: 1940: 1937: 1934: 1931: 1929: 1926: 1924: 1921: 1919: 1916: 1914: 1911: 1909: 1906: 1903: 1901: 1898: 1896: 1893: 1891: 1888: 1886: 1885:Banco Autofin 1883: 1881: 1878: 1876: 1873: 1871: 1868: 1866: 1863: 1860: 1859: 1857: 1855:Mexican banks 1853: 1847: 1844: 1842: 1839: 1837: 1834: 1833: 1831: 1827: 1821: 1818: 1817: 1815: 1813: 1809: 1805: 1798: 1793: 1791: 1786: 1784: 1779: 1778: 1775: 1763: 1755: 1753: 1752:United States 1749: 1745: 1744:New York City 1741: 1737: 1734: 1733: 1730: 1724: 1721: 1719: 1716: 1714: 1711: 1710: 1708: 1704: 1698: 1695: 1693: 1690: 1688: 1685: 1683: 1680: 1676: 1671: 1668: 1666: 1663: 1661: 1658: 1656: 1653: 1651: 1648: 1646: 1643: 1641: 1638: 1636: 1633: 1631: 1628: 1626: 1623: 1621: 1618: 1616: 1613: 1611: 1608: 1606: 1603: 1601: 1598: 1596: 1593: 1591: 1588: 1586: 1583: 1581: 1578: 1577: 1575: 1571: 1565: 1562: 1560: 1557: 1555: 1552: 1550: 1547: 1545: 1542: 1540: 1537: 1535: 1532: 1530: 1527: 1525: 1522: 1520: 1517: 1515: 1512: 1510: 1507: 1505: 1502: 1500: 1497: 1495: 1492: 1490: 1487: 1485: 1482: 1480: 1477: 1476: 1474: 1472: 1469: 1465: 1459: 1456: 1454: 1451: 1449: 1446: 1444: 1441: 1439: 1436: 1434: 1431: 1429: 1426: 1424: 1421: 1419: 1416: 1414: 1411: 1409: 1408:Samuel Osgood 1406: 1404: 1401: 1399: 1396: 1394: 1391: 1389: 1386: 1384: 1381: 1379: 1376: 1374: 1371: 1369: 1366: 1364: 1361: 1359: 1356: 1354: 1351: 1350: 1348: 1342: 1332: 1329: 1327: 1324: 1322: 1319: 1317: 1314: 1312: 1309: 1307: 1304: 1302: 1299: 1297: 1294: 1293: 1291: 1287: 1281: 1278: 1276: 1273: 1271: 1268: 1266: 1263: 1261: 1258: 1256: 1253: 1251: 1248: 1247: 1245: 1241: 1238: 1234: 1229: 1219: 1216: 1214: 1211: 1209: 1206: 1204: 1201: 1199: 1196: 1194: 1193:Vikram Pandit 1191: 1189: 1186: 1185: 1183: 1179: 1175: 1168: 1163: 1161: 1156: 1154: 1149: 1148: 1145: 1136: 1133: 1128: 1127:Afore Banamex 1125: 1120: 1117: 1116: 1104: 1100: 1094: 1086: 1082: 1076: 1060: 1054: 1038: 1037: 1029: 1013: 1007: 991: 985: 970: 966: 960: 958: 949: 948: 943: 937: 922: 918: 912: 897: 893: 886: 884: 868: 864: 858: 843: 842: 837: 830: 815: 809: 805: 804: 796: 788: 782: 767: 765:9781136884535 761: 757: 756: 748: 733: 729: 722: 706: 700: 698: 696: 694: 692: 690: 688: 668: 661: 642: 635: 633: 628: 619: 616: 614: 611: 610: 606: 595: 592: 591:Mexico portal 581: 574: 562: 559: 556: 553: 550: 547: 544: 542:Afore Banamex 541: 538: 535: 534: 533: 528: 523: 514: 510: 507: 502: 500: 495: 492: 488: 484: 480: 476: 467: 463: 461: 457: 454:ratios). The 453: 449: 444: 441: 433: 429: 424: 420: 418: 414: 409: 407: 403: 399: 395: 391: 387: 383: 379: 368: 366: 362: 358: 354: 350: 346: 342: 338: 329: 321: 317: 314: 311: 309: 305: 302:41,390 (2012) 301: 295: 286: 283: 278: 269: 266: 261: 252: 248: 245: 241: 238: 234: 224: 218: 214: 208: 204: 200: 196: 181: 177: 174: 171: 167: 164: 161: 157: 154: 151: 147: 143: 140: 135: 131: 126: 112: 109: 101: 90: 87: 83: 80: 76: 73: 69: 66: 62: 59: –  58: 54: 53:Find sources: 47: 43: 37: 36: 31:This article 29: 25: 20: 19: 16: 1989: 1974:Banco Ve X + 1890:Banco Azteca 1870:Banca Afirme 1865:Agrofinanzas 1812:Central bank 1736:Headquarters 1735: 1706:Predecessors 1644: 1554:Robert Rubin 1549:Judith Rodin 1544:Chuck Prince 1534:Anne Mulcahy 1509:Manolo Falcó 1489:George David 1443:Moses Taylor 1428:Robert Rubin 1418:Chuck Prince 1373:Ahmed Fahour 1280:Red Roof Inn 1249: 1138:(in Spanish) 1130:(in Spanish) 1122:(in English) 1102: 1093: 1084: 1075: 1063:. Retrieved 1053: 1041:. 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Retrieved 605:Banks portal 571: 531: 517:Subsidiaries 511: 503: 496: 472: 445: 437: 413:credit cards 410: 374: 348: 344: 340: 336: 335: 282:Total assets 202:Headquarters 194: 172: 149:Company type 104: 95: 85: 78: 71: 64: 52: 40:Please help 35:verification 32: 15: 2000:HSBC México 1995:BBVA México 1964:Banco Monex 1959:Banca Mifel 1954:Banco Invex 1939:Banco Famsa 1933:Banco Facil 1880:Banco Amigo 1713:ACC Capital 1673: [ 1650:Philippines 1635:South Korea 1564:Sandy Weill 1514:Jane Fraser 1484:Alain Belda 1448:Sandy Weill 1368:Jamie Dimon 1218:John Havens 1119:Citibanamex 568:Banamex USA 450:ratios and 432:Mexico City 402:World War I 398:Guadalajara 345:Citibanamex 207:Mexico City 169:Predecessor 144:Citibanamex 123:S.A. de C.V 2030:Categories 2015:Scotiabank 1935:(Chedraui) 1923:Banco BASE 1918:Bansi S.A. 1519:Ann Jordan 992:. Emis.com 624:References 390:Guanajuato 365:subsidiary 347:(formerly 265:Net income 221:Key people 189:1884-06-02 153:Subsidiary 139:Trade name 68:newspapers 2036:Citigroup 2005:MUFG Bank 1900:BanCoppel 1836:Bancomext 1660:Singapore 1625:Indonesia 1615:Hong Kong 1585:Australia 1580:Argentina 1471:directors 1468:Corporate 1423:John Reed 1326:Primerica 1174:Citigroup 781:cite book 357:Citigroup 313:Citigroup 244:financial 197:(Banamex) 1913:BanRegio 1904:Bankaool 1895:BanBajío 1861:Actinver 1841:Banobras 1762:Category 1748:New York 1665:Thailand 1640:Malaysia 1605:Colombia 1260:Citigold 1255:Citibank 896:Citywire 676:22 March 650:22 March 577:See also 487:Fobaproa 382:Veracruz 326:.banamex 236:Products 159:Industry 1990:Banamex 1944:Inbursa 1908:Banorte 1750:10043, 1697:Vietnam 1590:Bahrain 1344:Notable 1250:Banamex 1243:Current 1103:Reuters 1065:10 July 1043:10 July 1018:10 July 996:10 July 974:10 July 901:10 July 872:10 July 539:Accival 536:Banamex 371:History 349:Banamex 319:Website 250:Revenue 240:Banking 187: ( 179:Founded 82:scholar 1682:Uganda 1670:Taiwan 1655:Russia 1645:Mexico 1610:Europe 1595:Canada 1289:Former 1181:People 926:6 July 847:6 July 819:6 July 810:  771:6 July 762:  737:6 July 711:6 July 386:Puebla 378:Mérida 353:Mexico 308:Parent 213:Mexico 84:  77:  70:  63:  55:  1677:] 1630:Japan 1620:India 1600:China 670:(PDF) 644:(PDF) 618:Amero 231:(CEO) 89:JSTOR 75:books 1067:2020 1045:2020 1020:2020 998:2020 976:2020 928:2020 903:2020 874:2020 849:2020 821:2020 808:ISBN 787:link 773:2020 760:ISBN 739:2020 713:2020 678:2014 652:2014 392:and 328:.com 61:news 1270:Egg 485:or 430:of 417:ATM 361:USD 343:or 324:www 193:as 44:by 2032:: 1746:, 1742:, 1738:: 1675:zh 1101:. 1083:. 967:. 956:^ 944:. 919:. 894:. 882:^ 865:. 838:. 783:}} 779:{{ 730:. 686:^ 631:^ 388:, 384:, 380:, 367:. 242:, 210:, 1796:e 1789:t 1782:v 1166:e 1159:t 1152:v 1069:. 1047:. 1022:. 1000:. 978:. 930:. 905:. 876:. 851:. 823:. 789:) 775:. 741:. 715:. 680:. 654:. 434:. 191:) 111:) 105:( 100:) 96:( 86:· 79:· 72:· 65:· 38:.

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Trade name
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Financial services
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Net income
Total assets
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