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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
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It continues to operate as a Citigroup 119:Learn how and when to remove this message 645: 643: 350:has its origins and is the owner of the 1092:"Citigroup Likely to Close Banamex USA" 932:U.S. Securities and Exchange Commission 650:Banco Nacional de México, S.A. (2013). 639: 970: 968: 789: 494:Fondo Bancario de Protección al Ahorro 1023:"Informacion Corporativa de Tarjetas" 845:Jonathan Kandell (18 February 2004). 348:Grupo Financiero Banamex S.A. de C.V. 7: 1050:. World Bank Publications. p. 5 362:). It is the second-largest bank in 57:adding citations to reliable sources 737:Juliana Etcheverry (19 July 2017). 1047:The Mexican Pension Annuity Market 370:in August 2001 for $ 12.5 billion 25: 901:Simpson, Atoll (9 January 2017). 562:Operadora e Impulsora de Negocios 1768: 1767: 1327:Morgan Stanley Wealth Management 1237: 608: 594: 299: 298: 282: 281: 265: 264: 184:Grupo Financiero Banamex Accival 33: 44:needs additional citations for 2077:Privatized companies in Mexico 743:Latin America Business Stories 657:(in Spanish). pp. 6–7, 61 1: 2072:1884 establishments in Mexico 1312:Court Square Capital Partners 236:Manuel Medina-Mora Escalante 1224:Al Waleed bin Talal Al Saud 874:"Roberto Hernández Ramírez" 678:"Consejo de Administración" 2093: 1444:James Stillman Rockefeller 1044:Gregorio Impavido (2007). 769:. Routledge. p. 108. 68:"Grupo Financiero Banamex" 2062:Banks established in 1884 1742: 1515:Roberto Hernández Ramírez 1322:Diners Club International 1235: 510:Roberto Hernández Ramírez 407:, and opened a branch in 138: 132:Grupo Financiero Banamex, 1703:United States of America 352:Banco Nacional de México 303:US$ 58.4 billion (2011) 269:US$ 18.3 billion (2010) 206:Banco Nacional de México 1729:California Federal Bank 1342:The Travelers Companies 1307:ClearBridge Investments 286:US$ 1.7 billion (2010) 238:(Chairman of the Board) 195:; 140 years ago 1734:Franklin National Bank 878:The Nature Conservancy 540: 492:or IPAB, later called 481: 459:loan portfolio quality 446: 1072:(in Spanish). Banamex 1025:(in Spanish). Banamex 535: 479: 436: 411:. After the start of 1751:388 Greenwich Street 1698:United Arab Emirates 1464:Robert B. Willumstad 1317:CVC Capital Partners 1247:Brands and companies 980:Dun & Bradstreet 502:non-performing loans 240:Ernesto Torres Cantú 53:improve this article 1994:Foreign-owned banks 1960:Banco Interacciones 1857:Banco del Bienestar 1449:William Rockefeller 559:Arrendadora Banamex 451:José López Portillo 309:Number of employees 135: 1886:Banco Ahorro Famsa 1570:Franklin A. Thomas 1199:Michael E. O'Neill 961:. 14 October 2014. 958:The New York Times 852:The New York Times 718:. Funding Universe 541: 515:On 6 August 2001, 508:From 1997 to 2001 482: 471:economic recession 447: 174:Financial services 2034: 2033: 1939:Compartamos Banco 1840:Development banks 1781: 1780: 1540:Andrew N. Liveris 1490:Michael Armstrong 1369:Michael Bloomberg 1364:Winfried Bischoff 1357:former executives 1350: 1349: 1332:OneMain Financial 1286:Metalmark Capital 1276:Citi Private Bank 1214:William R. Rhodes 568:Pensiones Banamex 536:A Banamex ATM in 345: 344: 129: 128: 121: 103: 16:(Redirected from 2084: 2021:Santander México 1808: 1801: 1794: 1785: 1771: 1770: 1689: 1404:Sallie Krawcheck 1251: 1241: 1178: 1171: 1164: 1155: 1150: 1146:Fomento Cultural 1142: 1134: 1118: 1117: 1106: 1100: 1099: 1088: 1082: 1081: 1079: 1077: 1070:"Fomento Social" 1066: 1060: 1059: 1057: 1055: 1041: 1035: 1034: 1032: 1030: 1019: 1013: 1012: 1010: 1008: 997: 991: 990: 988: 986: 972: 963: 962: 949: 943: 942: 940: 938: 924: 918: 917: 915: 913: 898: 889: 888: 886: 884: 870: 864: 863: 861: 859: 842: 836: 835: 833: 831: 808: 802: 801: 795: 787: 785: 783: 760: 754: 753: 751: 749: 734: 728: 727: 725: 723: 712: 693: 692: 690: 688: 682: 673: 667: 666: 664: 662: 656: 647: 618: 613: 612: 611: 604: 599: 598: 597: 571:Fomento Cultural 341: 338: 336: 302: 301: 295: 285: 284: 268: 267: 203: 201: 196: 193:2 June 1884 143: 136: 124: 117: 113: 110: 104: 102: 61: 37: 29: 21: 2092: 2091: 2087: 2086: 2085: 2083: 2082: 2081: 2052:Banks of Mexico 2037: 2036: 2035: 2030: 1989: 1861: 1835: 1817: 1815:Banks of Mexico 1812: 1782: 1777: 1738: 1712: 1683: 1579: 1550:Richard Parsons 1535:Klaus Kleinfeld 1505:Kenneth T. Derr 1473: 1414:George S. Moore 1399:Thomas W. Jones 1394:Lewis Glucksman 1389:Stanley Fischer 1374:Gary Crittenden 1356: 1346: 1295: 1242: 1233: 1209:Richard Parsons 1187: 1182: 1148: 1140: 1132: 1126: 1121: 1108: 1107: 1103: 1090: 1089: 1085: 1075: 1073: 1068: 1067: 1063: 1053: 1051: 1043: 1042: 1038: 1028: 1026: 1021: 1020: 1016: 1006: 1004: 999: 998: 994: 984: 982: 974: 973: 966: 951: 950: 946: 936: 934: 926: 925: 921: 911: 909: 900: 899: 892: 882: 880: 872: 871: 867: 857: 855: 844: 843: 839: 829: 827: 825: 810: 809: 805: 788: 781: 779: 777: 762: 761: 757: 747: 745: 736: 735: 731: 721: 719: 714: 713: 696: 686: 684: 680: 675: 674: 670: 660: 658: 654: 649: 648: 641: 637: 614: 609: 607: 600: 595: 593: 590: 581: 556:Seguros Banamex 538:Puerto Vallarta 530: 486:Ernesto Zedillo 439:historic center 426:in 1968 and an 417:Banco de Mexico 405:San Luis Potosí 384: 333: 310: 291: 278: 241: 239: 237: 233: 226: 220: 199: 197: 194: 152: 133: 125: 114: 108: 105: 62: 60: 50: 38: 23: 22: 15: 12: 11: 5: 2090: 2088: 2080: 2079: 2074: 2069: 2064: 2059: 2057:Mexican brands 2054: 2049: 2039: 2038: 2032: 2031: 2029: 2028: 2023: 2018: 2013: 2008: 2003: 1997: 1995: 1991: 1990: 1988: 1987: 1982: 1977: 1972: 1967: 1962: 1957: 1952: 1947: 1941: 1936: 1931: 1926: 1921: 1916: 1913: 1908: 1903: 1898: 1893: 1888: 1883: 1878: 1873: 1869: 1867: 1863: 1862: 1860: 1859: 1854: 1849: 1843: 1841: 1837: 1836: 1834: 1833: 1831:Bank of Mexico 1827: 1825: 1819: 1818: 1813: 1811: 1810: 1803: 1796: 1788: 1779: 1778: 1776: 1775: 1765: 1743: 1740: 1739: 1737: 1736: 1731: 1726: 1720: 1718: 1714: 1713: 1711: 1710: 1705: 1700: 1695: 1690: 1678: 1673: 1668: 1663: 1658: 1653: 1648: 1643: 1638: 1633: 1628: 1623: 1618: 1613: 1608: 1603: 1598: 1593: 1587: 1585: 1584:Local entities 1581: 1580: 1578: 1577: 1572: 1567: 1562: 1557: 1552: 1547: 1542: 1537: 1532: 1527: 1522: 1517: 1512: 1510:John M. Deutch 1507: 1502: 1497: 1492: 1486: 1484: 1475: 1474: 1472: 1471: 1469:Walter Wriston 1466: 1461: 1456: 1451: 1446: 1441: 1436: 1431: 1426: 1424:Joe J. Plumeri 1421: 1416: 1411: 1409:Victor Menezes 1406: 1401: 1396: 1391: 1386: 1381: 1376: 1371: 1366: 1360: 1358: 1352: 1351: 1348: 1347: 1345: 1344: 1339: 1334: 1329: 1324: 1319: 1314: 1309: 1303: 1301: 1297: 1296: 1294: 1293: 1288: 1283: 1278: 1273: 1268: 1263: 1257: 1255: 1248: 1244: 1243: 1236: 1234: 1232: 1231: 1226: 1221: 1219:Lewis B. Kaden 1216: 1211: 1206: 1201: 1195: 1193: 1189: 1188: 1183: 1181: 1180: 1173: 1166: 1158: 1152: 1151: 1143: 1135: 1125: 1124:External links 1122: 1120: 1119: 1101: 1098:. 1 June 2015. 1083: 1061: 1036: 1014: 992: 964: 944: 919: 890: 865: 837: 824:978-1400828333 823: 803: 775: 755: 729: 694: 668: 638: 636: 633: 632: 631: 626: 624:1884 in Mexico 620: 619: 605: 589: 586: 580: 577: 576: 575: 574:Fomento Social 572: 569: 566: 565:Acción Banamex 563: 560: 557: 554: 551: 548: 529: 526: 517:Citigroup Inc. 463:capitalization 383: 380: 343: 342: 331: 327: 326: 321: 315: 314: 311: 308: 305: 304: 296: 288: 287: 279: 274: 271: 270: 262: 258: 257: 248: 244: 243: 234: 231: 228: 227: 222: 216: 214: 210: 209: 191: 187: 186: 181: 177: 176: 171: 167: 166: 161: 157: 156: 153: 148: 145: 144: 127: 126: 109:September 2014 41: 39: 32: 24: 14: 13: 10: 9: 6: 4: 3: 2: 2089: 2078: 2075: 2073: 2070: 2068: 2065: 2063: 2060: 2058: 2055: 2053: 2050: 2048: 2045: 2044: 2042: 2027: 2024: 2022: 2019: 2017: 2014: 2012: 2009: 2007: 2004: 2002: 1999: 1998: 1996: 1992: 1986: 1983: 1981: 1980:Banco Multiva 1978: 1976: 1973: 1971: 1968: 1966: 1963: 1961: 1958: 1956: 1953: 1951: 1948: 1945: 1942: 1940: 1937: 1935: 1932: 1930: 1927: 1925: 1922: 1920: 1917: 1914: 1912: 1909: 1907: 1904: 1902: 1899: 1897: 1896:Banco Autofin 1894: 1892: 1889: 1887: 1884: 1882: 1879: 1877: 1874: 1871: 1870: 1868: 1866:Mexican banks 1864: 1858: 1855: 1853: 1850: 1848: 1845: 1844: 1842: 1838: 1832: 1829: 1828: 1826: 1824: 1820: 1816: 1809: 1804: 1802: 1797: 1795: 1790: 1789: 1786: 1774: 1766: 1764: 1763:United States 1760: 1756: 1755:New York City 1752: 1748: 1745: 1744: 1741: 1735: 1732: 1730: 1727: 1725: 1722: 1721: 1719: 1715: 1709: 1706: 1704: 1701: 1699: 1696: 1694: 1691: 1687: 1682: 1679: 1677: 1674: 1672: 1669: 1667: 1664: 1662: 1659: 1657: 1654: 1652: 1649: 1647: 1644: 1642: 1639: 1637: 1634: 1632: 1629: 1627: 1624: 1622: 1619: 1617: 1614: 1612: 1609: 1607: 1604: 1602: 1599: 1597: 1594: 1592: 1589: 1588: 1586: 1582: 1576: 1573: 1571: 1568: 1566: 1563: 1561: 1558: 1556: 1553: 1551: 1548: 1546: 1543: 1541: 1538: 1536: 1533: 1531: 1528: 1526: 1523: 1521: 1518: 1516: 1513: 1511: 1508: 1506: 1503: 1501: 1498: 1496: 1493: 1491: 1488: 1487: 1485: 1483: 1480: 1476: 1470: 1467: 1465: 1462: 1460: 1457: 1455: 1452: 1450: 1447: 1445: 1442: 1440: 1437: 1435: 1432: 1430: 1427: 1425: 1422: 1420: 1419:Samuel Osgood 1417: 1415: 1412: 1410: 1407: 1405: 1402: 1400: 1397: 1395: 1392: 1390: 1387: 1385: 1382: 1380: 1377: 1375: 1372: 1370: 1367: 1365: 1362: 1361: 1359: 1353: 1343: 1340: 1338: 1335: 1333: 1330: 1328: 1325: 1323: 1320: 1318: 1315: 1313: 1310: 1308: 1305: 1304: 1302: 1298: 1292: 1289: 1287: 1284: 1282: 1279: 1277: 1274: 1272: 1269: 1267: 1264: 1262: 1259: 1258: 1256: 1252: 1249: 1245: 1240: 1230: 1227: 1225: 1222: 1220: 1217: 1215: 1212: 1210: 1207: 1205: 1204:Vikram Pandit 1202: 1200: 1197: 1196: 1194: 1190: 1186: 1179: 1174: 1172: 1167: 1165: 1160: 1159: 1156: 1147: 1144: 1139: 1138:Afore Banamex 1136: 1131: 1128: 1127: 1123: 1115: 1111: 1105: 1102: 1097: 1093: 1087: 1084: 1071: 1065: 1062: 1049: 1048: 1040: 1037: 1024: 1018: 1015: 1002: 996: 993: 981: 977: 971: 969: 965: 960: 959: 954: 948: 945: 933: 929: 923: 920: 908: 904: 897: 895: 891: 879: 875: 869: 866: 854: 853: 848: 841: 838: 826: 820: 816: 815: 807: 804: 799: 793: 778: 776:9781136884535 772: 768: 767: 759: 756: 744: 740: 733: 730: 717: 711: 709: 707: 705: 703: 701: 699: 695: 679: 672: 669: 653: 646: 644: 640: 634: 630: 627: 625: 622: 621: 617: 606: 603: 602:Mexico portal 592: 587: 585: 578: 573: 570: 567: 564: 561: 558: 555: 553:Afore Banamex 552: 549: 546: 545: 544: 539: 534: 527: 525: 521: 518: 513: 511: 506: 503: 499: 495: 491: 487: 478: 474: 472: 468: 465:ratios). The 464: 460: 455: 452: 444: 440: 435: 431: 429: 425: 420: 418: 414: 410: 406: 402: 398: 394: 390: 381: 379: 377: 373: 369: 365: 361: 357: 353: 349: 340: 332: 328: 325: 322: 320: 316: 313:41,390 (2012) 312: 306: 297: 294: 289: 280: 277: 272: 263: 259: 256: 252: 249: 245: 235: 229: 225: 219: 215: 211: 207: 192: 188: 185: 182: 178: 175: 172: 168: 165: 162: 158: 154: 151: 146: 142: 137: 123: 120: 112: 101: 98: 94: 91: 87: 84: 80: 77: 73: 70: –  69: 65: 64:Find sources: 58: 54: 48: 47: 42:This article 40: 36: 31: 30: 27: 19: 2000: 1985:Banco Ve X + 1901:Banco Azteca 1881:Banca Afirme 1876:Agrofinanzas 1823:Central bank 1747:Headquarters 1746: 1717:Predecessors 1655: 1565:Robert Rubin 1560:Judith Rodin 1555:Chuck Prince 1545:Anne Mulcahy 1520:Manolo Falcó 1500:George David 1454:Moses Taylor 1439:Robert Rubin 1429:Chuck Prince 1384:Ahmed Fahour 1291:Red Roof Inn 1260: 1149:(in Spanish) 1141:(in Spanish) 1133:(in English) 1113: 1104: 1095: 1086: 1074:. Retrieved 1064: 1052:. 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Retrieved 616:Banks portal 582: 542: 528:Subsidiaries 522: 514: 507: 483: 456: 448: 424:credit cards 421: 385: 359: 355: 351: 347: 346: 293:Total assets 213:Headquarters 205: 183: 160:Company type 115: 106: 96: 89: 82: 75: 63: 51:Please help 46:verification 43: 26: 2011:HSBC México 2006:BBVA México 1975:Banco Monex 1970:Banca Mifel 1965:Banco Invex 1950:Banco Famsa 1944:Banco Facil 1891:Banco Amigo 1724:ACC Capital 1684: [ 1661:Philippines 1646:South Korea 1575:Sandy Weill 1525:Jane Fraser 1495:Alain Belda 1459:Sandy Weill 1379:Jamie Dimon 1229:John Havens 1130:Citibanamex 579:Banamex USA 461:ratios and 443:Mexico City 413:World War I 409:Guadalajara 356:Citibanamex 218:Mexico City 180:Predecessor 155:Citibanamex 134:S.A. de C.V 2041:Categories 2026:Scotiabank 1946:(Chedraui) 1934:Banco BASE 1929:Bansi S.A. 1530:Ann Jordan 1003:. Emis.com 635:References 401:Guanajuato 376:subsidiary 358:(formerly 276:Net income 232:Key people 200:1884-06-02 164:Subsidiary 150:Trade name 79:newspapers 2047:Citigroup 2016:MUFG Bank 1911:BanCoppel 1847:Bancomext 1671:Singapore 1636:Indonesia 1626:Hong Kong 1596:Australia 1591:Argentina 1482:directors 1479:Corporate 1434:John Reed 1337:Primerica 1185:Citigroup 792:cite book 368:Citigroup 324:Citigroup 255:financial 208:(Banamex) 1924:BanRegio 1915:Bankaool 1906:BanBajío 1872:Actinver 1852:Banobras 1773:Category 1759:New York 1676:Thailand 1651:Malaysia 1616:Colombia 1271:Citigold 1266:Citibank 907:Citywire 687:22 March 661:22 March 588:See also 498:Fobaproa 393:Veracruz 337:.banamex 247:Products 170:Industry 2001:Banamex 1955:Inbursa 1919:Banorte 1761:10043, 1708:Vietnam 1601:Bahrain 1355:Notable 1261:Banamex 1254:Current 1114:Reuters 1076:10 July 1054:10 July 1029:10 July 1007:10 July 985:10 July 912:10 July 883:10 July 550:Accival 547:Banamex 382:History 360:Banamex 330:Website 261:Revenue 251:Banking 198: ( 190:Founded 93:scholar 18:Banamex 1693:Uganda 1681:Taiwan 1666:Russia 1656:Mexico 1621:Europe 1606:Canada 1300:Former 1192:People 937:6 July 858:6 July 830:6 July 821:  782:6 July 773:  748:6 July 722:6 July 397:Puebla 389:Mérida 364:Mexico 319:Parent 224:Mexico 95:  88:  81:  74:  66:  1688:] 1641:Japan 1631:India 1611:China 681:(PDF) 655:(PDF) 629:Amero 242:(CEO) 100:JSTOR 86:books 1078:2020 1056:2020 1031:2020 1009:2020 987:2020 939:2020 914:2020 885:2020 860:2020 832:2020 819:ISBN 798:link 784:2020 771:ISBN 750:2020 724:2020 689:2014 663:2014 403:and 339:.com 72:news 1281:Egg 496:or 441:of 428:ATM 372:USD 354:or 335:www 204:as 55:by 2043:: 1757:, 1753:, 1749:: 1686:zh 1112:. 1094:. 978:. 967:^ 955:. 930:. 905:. 893:^ 876:. 849:. 794:}} 790:{{ 741:. 697:^ 642:^ 399:, 395:, 391:, 378:. 253:, 221:, 1807:e 1800:t 1793:v 1177:e 1170:t 1163:v 1080:. 1058:. 1033:. 1011:. 989:. 941:. 916:. 887:. 862:. 834:. 800:) 786:. 752:. 726:. 691:. 665:. 445:. 202:) 122:) 116:( 111:) 107:( 97:· 90:· 83:· 76:· 49:. 20:)

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