Misplaced Pages

This is an old revision of this page, as edited by 201.138.82.183 (talk) at 01:12, 13 May 2016 (→Subsidiaries). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages) This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "Grupo Financiero Banamex" – news · newspapers · books · scholar · JSTOR (September 2014) (Learn how and when to remove this message) This article may require cleanup to meet Misplaced Pages's quality standards. No cleanup reason has been specified. Please help improve this article if you can. (November 2007) (Learn how and when to remove this message) (Learn how and when to remove this message)

Grupo Financiero Banamex,
S.A. de C.V

Company type	Subsidiary
Industry	Financial services
Predecessor	Grupo Financiero Banamex Accival
Founded	June 2, 1884 (June 2, 1884) as Banco Nacional de México (Banamex)
Headquarters	Mexico City, Mexico
Key people	Manuel Medina-Mora Escalante (Chairman of the Board) Ernesto Torres Cantú (CEO)
Products	Banking, Financial
Revenue	US$ 18.3 billion (2010)
Net income	US$ 1.7 billion (2010)
Total assets	US$ 58.4 billion (2011)
Number of employees	41,390 (2012)
Parent	Citigroup
Website	www.banamex.com

Grupo Financiero Banamex S.A. de C.V. has its origins and is the owner of Banco Nacional de México or Banamex, Mexico's second largest bank behind BBVA Bancomer. The Banamex Financial Group was purchased by Citigroup in August 2001 for $12.5 billion USD. It continues to operate as a Citigroup subsidiary.

History

Banamex was formed on June 2, 1884 from the merger of two banks, Banco Nacional Mexicano and Banco Mercantil Mexicano, two banks that had operated since the beginning of 1882. The newly founded bank had branches in Mérida, Veracruz, Puebla, Guanajuato and San Luis Potosí, and opened a branch in Guadalajara.

The bank was reorganized in 1926, becoming a financing bank and establishing the first agency of a Latin American bank in New York.

Banamex gradually introduced several financial product innovations to the Mexican market including savings accounts (in 1929), personal credit lines (in 1958), credit cards (in 1968), and ATM banking (in 1972).

In 1981, the California Commerce Bank was acquired by Banamex.

In the midst of a severe economic crisis (1982), President José López Portillo 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 y Valores de México (Accival).

For the next four years Banamex and the rest of the Mexican private banks presided over an unprecedented expansion of private credit in Mexico. This expansion occurred in an environment characterized by: i) the lack of a credit culture at the newly privatized banks, which had been bought at rich multiples by individuals and organizations without lending experience, and ii) lax oversight by regulatory authorities, which led in some instances to the occurrence of irregular transactions (such as related party transactions).

The result of this aggressive expansion of credit was to strain the bank's balance sheet (loan portfolio quality ratios and capitalization ratios). The December 1994 macro-devaluation of the Mexican pesos (see the December Mistake) and the ensuing significant increase in domestic interest rates coupled with a dramatic economic recession, caused Banamex's and much of the rest of the privatized banks to essentially become insolvent.

In order to avoid the potentially catastrophic effects of generalized bank bankruptcies, the Ernesto Zedillo administration decided to rescue the troubled banks through a government fund (Instituto de Protección al Ahorro Bancario or IPAB, later called Fondo Bancario de Protección al Ahorro or Fobaproa). IPAB enticed the banks' shareholders to inject fresh equity into the banks by pledging to buy from the banks non-performing loans 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 combination of these measures coupled with a recovery of the Mexican economy helped clean up the bank's balance sheet.

From 1997 to 2001 Roberto Hernández Ramírez was the CEO. In 1997, Afore Banamex was created to tap into the newly created private pension fund market.

On August 6, 2001, Citigroup Inc. 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.

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.

==Subsidiaries==ejercito mexicano y general del ejercito mexicano y marcos angel carmona cazares propietarios

The following are subsidiaries of Grupo Financiero Banamex:

• Banamex
• Accival
• Afore Banamex
• Seguros Banamex
• Arrendadora Banamex
• Operadora e Impulsora de Negocios
• Acción Banamex
• Pensiones Banamex
• Fomento Cultural

See also

• 1884 in Mexico
• Amero

References

1. ^ Banco Nacional de México, S.A. (2013). "Reporte Anual que se presenta de acuerdo con las Disposiciones de Carácter General aplicables a las Emisoras de Valores y a otros Participantes del Mercado de Valores respecto al ejercicio terminado el 31 de diciembre de 2012" (PDF) (in Spanish). pp. 6–7, 61. Retrieved 22 March 2014.
2. Grupo Financiero Banamex, S.A. de C.V (2013). "Consejo de Administración" (PDF) (in Spanish). Retrieved 22 March 2014.
4. • Fomento Social

==External links==ejercito mexicano y marcos angel carmona cazares el peligro

• Banamex Template:En icon
• Accival Template:En icon
• Arrendadora Banamex Template:En icon
• Afore Banamex Template:Es icon
• Seguros Banamex Template:Es icon
• Fomento Cultural Template:Es icon
• Fomento Social Template:Es icon

v t e Citigroup
People	Michael E. O'Neill Vikram Pandit Richard Parsons William R. Rhodes Lewis B. Kaden Al Waleed bin Talal Al Saud John Havens
Brands and companies	Current Banamex Citibank Citigold Citi Private Bank Egg Metalmark Capital Red Roof Inn Former ClearBridge Investments Court Square Capital Partners CVC Capital Partners Diners Club International Morgan Stanley Wealth Management OneMain Financial Primerica The Travelers Companies
Notable former executives	Winfried Bischoff Michael Bloomberg Gary Crittenden Jamie Dimon Ahmed Fahour Stanley Fischer Lewis Glucksman Thomas W. Jones Sallie Krawcheck Victor Menezes George S. Moore Samuel Osgood Joe J. Plumeri Chuck Prince John Reed Robert Rubin James Stillman Rockefeller William Rockefeller Moses Taylor Sandy Weill Robert B. Willumstad Walter Wriston
Corporate directors	Michael Armstrong Alain Belda George David Kenneth T. Derr John M. Deutch Roberto Hernández Ramírez Manolo Falcó Jane Fraser Ann Jordan Klaus Kleinfeld Andrew N. Liveris Anne Mulcahy Richard Parsons Chuck Prince Judith Rodin Robert Rubin Franklin A. Thomas Sandy Weill
Local entities	Argentina Australia Bahrain Canada China Colombia Europe Hong Kong India Indonesia Japan South Korea Malaysia Mexico Philippines Russia Singapore Thailand Taiwan [zh] Uganda United Arab Emirates United States of America Vietnam
Predecessors	ACC Capital California Federal Bank Franklin National Bank
Headquarters: 388 Greenwich Street, New York City, New York 10043, United States Category

• Articles needing cleanup from November 2007
• Cleanup tagged articles without a reason field from November 2007
• Misplaced Pages pages needing cleanup from November 2007
• Citigroup
• Banks of Mexico
• Mexican brands