BANAMEX


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BANAMEX

The second-largest bank in Mexico. It was the result of a merger in 1884 and, in 1926 became the first Latin American bank to establish a presence in New York. It has been a subsidiary of Citigroup since 2001. It should not be confused with the Bank of Mexico, which is the central bank.
References in periodicals archive ?
Our work with NCR represents our largest full-function ATM deployment in our history, and it was critical we work with a company known for its innovation and experience, said Chris Vrey, Channel Strategy Manager, Banamex.
This strategic transaction represents an important step for Banamex and the electronic payments market in Mexico," said Ernesto Torres Cantu, CEO of Citi Mexico and Grupo Financiero Banamex.
I am certain this new partnership with Banamex will bring more benefits and convenience to JCB cardmembers visiting the country.
Bogus and irregular loans made by Banamex officials also affected the bottom line for Citigroup, which was forced to lower its estimate for 2013 earnings.
Since the Banamex fraud involved fake invoices from Pemex contracts, it awakened the memories of Italy's Parmalat scandal for me.
It is important first of all to outline the particularities of the main target of analysis, which in my case is Mexico; of the ones associated with Banamex, the Financial Group I work with; and of those arising from the work done in the research area and my personal experience with Banamex.
Banamex said further that for April 2007 all automotive industry variables including domestic sales, production and exports, "will grow and that the trend prevailing for the rest of the year will be generally positive.
At Banamex, there are often offers such as "No interest for six months" that mean that the average interest rate is actually lower, he said.
If banking authorities approve the purchase of Banamex by Citigroup, nearly 80% of Mexico's bank assets will be under foreign control.
With Hypercom's innovative technology, we can offer faster response times, greater flexibility, and consumer-operated card acceptance terminals that support the rapidly increasing range of transaction modes, options and functions," said Marco Antonio Giardiello, acquiring services executive vice president, Banamex Mexico.
The downside potential for Banamex's IDRs and its National-scale ratings is currently low, since Fitch considers that Banamex is a core subsidiary of Citigroup Inc.
Citigroup Inc (NYSE C) has agreed to close its Mexico-based Banamex unit and pay a fine for failings to adhere to norms.