Overview of Banks in Mexico
The central monetary authority in Mexico is the Bank of Mexico (Banco de Mexico). The Mexican central bank regulates the domestic money supply and foreign exchange market, enforces credit controls, and sets reserve requirements for banks in Mexico.
The different types of banks in Mexico include:
- Public development banks
- Public credit institutions
- Private commercial banks
- Private investments banks
- Savings and loan associations
- Mortgage banks
Moody’s maintains its negative outlook on the Mexican banking system, due to the potential decline in asset quality amid weak economic growth, increasing interest rates, and relatively high inflation in the country. The rating agency expects the problems will continue to weigh on disposable income and hence on the borrowers’ repayment capacity.
For anyone considering a banking career in Mexico, this list of top banks in Mexico is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Mexico Include:
Established in 1932, BBVA Bancomer is the largest of the banks in Mexico. It provides various financial products and services to companies, governments, individuals, SMEs, and business customers. The bank operates 1,800 branches, 7,700 ATMs, and 125,000 POS terminals. With around 34,000 employees, it is headquartered in Mexico City.
Net income: MXN 36.17 billion (2020)
Total assets: MXN 2.41 trillion (3/2021)
Founded in 1932, Santander Mexico operates through two segments: Commercial Banking and Global Corporate Banking. The bank operates through 1,350 offices, 9,448 ATM’s and 2,297 contact centers. It employs around 22,300 individuals.
Net income: MXN 20.15 billion (2020)
Total assets: MXN 1.75 trillion (3/2021)
Banco Nacional de México, S.A., also known as Banamex, operates in Mexico and other countries, too. Established in 1884, the bank is headquartered in Mexico City, with around 37,000 employees. It manages approximately 1,600 branches and 7,500 ATMs.
Net income: MXN 7.44 billion (2020)
Total assets: MXN 1.38 trillion (3/2021)
Founded in 1899, Banorte is a wholly-owned subsidiary of Grupo Financiero Banorte, a leading banking and financial services holding company in Mexico. With around 30,000 employees, the bank is based in Mexico City. It operates through a network of approximately 1,182 branches, 8,919 ATMs, 6,989 third-party correspondents, and 166,505 POS terminals.
Net income: MXN 30.51 billion (2020)
Total assets: MXN 1.81 trillion (3/2021)
HSBC Mexico operates as a foreign bank of HSBC México S.A., Institución de Banca Múltiple, Grupo Financiero HSBC. Incorporated in 1941, the bank is based in Guadalajara, Mexico. It employs around 16,000 staff and manages 971 branches and 5,532 ATMs.
Net income: MXN -709 million (2020)
Total assets: MXN 715.4 billion (3/2021)
Scotiabank Inverlat provides various banking services to individuals and corporations in Mexico. One of the oldest banks in Mexico, established in 1832, it offers corporate and investment banking services, personal and commercial banking, and wealth management services, serving over 24 million customers in more than 50 countries around the world. It operates out of Mexico City and employs around 88,000 staff.
Net income: MXN 3.02 billion (2020)
Total assets: MXN 656.94 billion (3/2021)
Founded in 1937, Bancomext provides various financial products and services in Mexico. The bank specifically serves as an export credit agency and helps in financing and promoting small and medium local exporting companies in international markets. It also offers consulting services for companies that want to enter the export business.
With around 554 employees, Bnacomext is based out of Mexico City.
Net income: MXN 829 million (2019)
Total assets: MXN 397.46 billion (3/2019)
Grupo Financiero Inbursa
Grupo Financiero Inbursa provides banking services to individuals and SMEs in Mexico. Established in 1985, the bank operates business units focusing on investment funds, general insurance, automobile insurance, mortgages, health insurance, retirement funds, and commercial banking. Headquartered in Mexico City, it employs around 10,901 staff.
Net income: MXN 12.66 billion (2020)
Total assets: MXN 541.38 billion (3/2021)
Deutsche Bank México S.A.
Deutsche Bank Mexico S.A. operates as a subsidiary of Deutsche Bank Americas Holding Corporation. With around 54 employees, it is based out of Mexico City. In 1995 and 2000, respectively, Deutsche Bank acquired licenses for (broker-dealer) and Deutsche Bank Mexico, S.A. Institución de Banca Múltiple (bank subsidiary), significantly boosting its local presence.
Net income: USD -38.6 million (2017)
Total assets: USD 75.7 billion (2017)
Banco del Bajio
Founded in 1994, Banco del Bajio offers various commercial banking products and services to individuals, companies, governments, and SMEs in Mexico.
The bank provides a wide range of financial products and services to individual customers, governmental bodies, small and medium-sized companies, and corporations. It also serves its clients through an Internet and mobile platform.
Net income: MXN 3.44 billion (2020)
Total assets: MXN 276.56 billion (3/2021)
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map: For banking careers, you will gain a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in Mexico. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: