Citigroup: the banks that operated in Mexico and are no longer there
The most recent announcement is that of Citigroup regarding the sale of Banamex, but in the past, others left the country. Find out which ones.
Citigroup recently announced the sale of part of its consumer banking business Citibanamex in Mexico, to focus on its institutional clients in this market. What is for sale are: the license, the brand, the branch operations, the card business, the payroll business, the mortgage portfolio, family and business loans, the equity part, the afore, the insurance company, and even the foundations and the cultural heritage.
However, Citigroup's exit from Mexico is not the only case; several financial institutions have already withdrawn in the past. Bancomer is one of the banks that had a presence in Mexico; it was founded in 1932 in Mexico City under the name of Banco de Comercio. After the country's banking privatization, in 1991 Grupo Financiero Bancomer (GFB) was created.
In 2000, BBVA capitalized Bancomer with 1.4 billion dollars, and Grupo Financiero BBVA Bancomer was born, later the name was simplified to BBVA in all the countries where it is present. Inverlat was created in January 1934 under the name "Banco Comercial Mexicano". After several modifications and mergers, on December 24, 1976, it changed its name to "Multibanco Comermex". In February 1993, with its privatization process, the bank was integrated into Grupo Financiero Inverlat and changed its name to Banco Inverlat. Today, in Mexico, we know this bank as Scotiabank.
Another history is that of Banco Bital, which was founded on July 22, 1941, under the name of Banco Internacional, S.A. In 1972, the Mexican Government took control of Banco Internacional, S.A., to be acquired by Grupo Privado Mexicano (PRIME). On June 24, 1992, Banco Internacional, S.A. was formally integrated into Grupo Financiero Prime Internacional, S.A. de C.V., later changing its name to Grupo Financiero Bital, S.A. de C.V. This institution is currently known as HSBC.
Grupo Financiero Serfin was created in 1997 with the acquisition of majority control of Grupo Financiero Invermexico by Banco Santander S.A., and changed its name to Grupo Financiero Santander Mexicano (SANMEX).
Finally, IXE is Banorte's preferred bank and is now known as Banorte-IXE.
Source: El Sol de Toluca
