Foreign brands hold 55% of Mexico's bank assets
🏛️ 🌟 Only one of Mexico's top six banks is truly Mexican-owned, and it dates back to 1899... Let's explore ↓
Despite the commendable strides that fintechs have made in Mexico and Latin America, such as outpacing traditional banks in account openings, offering convenient, digital-first experiences, and attracting billions in Venture Capital, the banking sector is alive and well.
In Mexico, banks' total assets grew by 33% in the last five years and 107% in the last ten. For comparison, Mexico's yearly economic output grew by 48% in the last decade (not adjusting for inflation).
The national financial sector remains dominated by a number of brick-and-mortar giants—many of them foreign-owned.
Of the six largest Mexican banks, for example, four are subsidiaries of foreign financial institutions. Spanish giants like BBVA and Santander are the dominant national players, together holding over a third of all banking assets in the country.
Interestingly, however, BBVA is the clear leader in Mexico (its largest revenue source). At the same time, Santander is far larger globally in terms of total assets and market capitalization.
From there, Banorte – which dates to 1899 – is Mexico's most prominent homegrown bank and the only major one not owned by any foreign group.
As the name implies, the company traces its origins to Monterrey, in the country's north, and has since the 1990s grown to encompass a nationwide network of branches and ATMs.
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