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| 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.citibanamex.com |
Grupo Financiero Citibanamex S.A. de C.V. has its origins and is the owner of Banco Nacional de México or Citibanamex, Mexico's second largest bank behind BBVA Bancomer. The Citibanamex 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.
In 1916, General Pancho Villa’s revolution interrupted the bank’s role as banknote issuer for the Porfirio Diaz regime.
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 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.
On 2014, we celebrated our 130th anniversary, with a trajectory full of perseverance, dedication and pride.
Starting October 4th 2016, as part of the investment program to offer best client experience -and as a further sign of Citi’s commitment to Mexico-, Banamex will be known as Citibanamex. In an increasingly connected world, we maximize our strengths: Citi’s global reach and Banco Nacional de México’s local presence and tradition, for our customers, partners and colleagues to achieve their goals.
In Citibanamex we have over two centuries of global experience and leadership. We are Citibanamex, best of Mexico, best of the world.
Subsidiaries
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
References
- ^ 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.
- Grupo Financiero Banamex, S.A. de C.V (2013). "Consejo de Administración" (PDF) (in Spanish). Retrieved 22 March 2014.
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- Fomento Social
External links
- 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
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