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Industry Research Report on the Banking in Mexico.

Value Chain outline

The banking industry value chain in Mexico can be broadly outlined by the core functions and activities performed by financial institutions to serve their customers and contribute to the financial system. This typically involves attracting deposits, lending funds, managing payments, providing investment services, and offering various other financial products. The value chain is supported by infrastructure, technology, regulatory compliance, and risk management.

The value chain steps and their segments include:

1. Funding and Capitalization

This initial step involves the acquisition of funds that banks utilize for their operations and lending activities. * Identification and description of segments: * Deposits: Gathering funds from individuals and businesses through various types of accounts. * Wholesale Funding: Obtaining funds from other financial institutions, the capital markets, or the central bank. * Capital: Maintaining sufficient capital through retained earnings, issuing equity, or other capital instruments to absorb potential losses and meet regulatory requirements. * List of types of players in each segment: * Deposits: Individual depositors, corporate clients, government entities. * Wholesale Funding: Other banks, institutional investors, money market funds, central bank (Banco de México). * Capital: Existing shareholders, new investors (domestic and foreign), development banks. * Detailed description of the main activities within each segment: * Deposits: Offering checking accounts, savings accounts, time deposits (CDs), and other deposit products; marketing and customer acquisition for deposit products; managing branch networks, online banking platforms, and mobile apps for deposit access; ensuring deposit insurance compliance. * Wholesale Funding: Issuing bonds and other debt instruments; securing interbank loans; participating in repurchase agreements; accessing central bank lending facilities. * Capital: Managing retained earnings; issuing new shares (equity financing); complying with capital adequacy ratios set by regulatory bodies like the CNBV. * List examples of key players with detailed profiles: * BBVA México: A leading financial institution in Mexico, consistently ranked highest by assets and profits. Primary driver of the Spanish BBVA group's operations in the region, with significant investments in digital transformation. Holds a large portion of deposits from both individuals and corporations. * Banorte: A major Mexican financial group encompassing banking and pension fund operations. Actively investing in digital transformation. Significant retail deposit base. * Santander México: The Mexican subsidiary of the global Santander group, with Mexico operations contributing significantly to the global group's profit. Holds a notable share of the deposits market.

2. Credit and Lending

This step focuses on the evaluation, approval, and disbursement of funds to borrowers, as well as the management of the resulting loan portfolios. * Identification and description of segments: * Retail Lending: Providing loans to individuals, including mortgages, personal loans, auto loans, and credit cards. * Corporate Lending: Offering loans and credit facilities to large corporations. * SME Lending: Providing financing to small and medium-sized enterprises. * Government Lending: Extending credit to government entities at various levels. * List of types of players in each segment: * Retail Lending: Commercial banks, development banks, credit unions, fintech lenders. * Corporate Lending: Commercial banks, development banks. * SME Lending: Commercial banks, development banks, SOFOMs, fintech lenders. * Government Lending: Development banks. * Detailed description of the main activities within each segment: * Retail Lending: Credit scoring and risk assessment for individuals; loan origination and processing; loan servicing and collection; managing credit card programs; mortgage origination and servicing. * Corporate Lending: Assessing creditworthiness of large companies; structuring complex loan agreements; managing corporate credit risk; providing working capital and term loans. * SME Lending: Evaluating credit risk for smaller businesses; offering tailored loan products for SMEs; providing business lines of credit; potentially offeringKed with government guarantee programs. * Government Lending: Providing financing for public projects; issuing government bonds; managing public debt. * List examples of key players with detailed profiles: * BBVA México: Leads in market share for various retail and enterprise loan portfolios, including consumer, credit card, payroll, and mortgage. * Banorte: Maintains a strong market share in enterprise, payroll, and mortgage portfolios. * Santander México: Has a notable presence in the enterprise, consumer, credit card, and mortgage portfolios. * BanBajío: Strategically focuses on the corporate and SME lending niche.

3. Payments and Transaction Services

This step involves facilitating the movement of money and providing related services for individuals and businesses. * Identification and description of segments: * Retail Payments: Enabling transactions for individuals, including card payments, electronic transfers, and mobile payments. * Wholesale Payments: Processing large-value transactions between banks and corporations. * Payment Processing: Providing the infrastructure and services for merchants to accept electronic payments. * Remittances: Facilitating the transfer of money from individuals abroad to recipients in Mexico. * List of types of players in each segment: * Retail Payments: Commercial banks, fintech companies, payment processors, mobile network operators. * Wholesale Payments: Central bank, commercial banks. * Payment Processing: Banks, payment gateways, aggregators, fintech companies. * Remittances: Banks, money transfer operators, fintech companies. * Detailed description of the main activities within each segment: * Retail Payments: Issuing debit and credit cards; operating ATM networks; providing online and mobile banking platforms for transfers (SPEI, DiMo); enabling QR code payments (CoDi); facilitating peer-to-peer payments. * Wholesale Payments: Processing large-value interbank transfers through systems like SPEI; providing treasury management services for corporations. * Payment Processing: Providing POS terminals (physical and mobile); offering online payment gateway services; integrating payment systems with business software. * Remittances: Receiving and disbursing international money transfers; offering competitive exchange rates and fees; utilizing technologies like blockchain for remittances. * List examples of key players with detailed profiles: * BBVA México: A major participant in the SPEI and DiMo systems, offering extensive digital payment options. * Banorte: Also actively involved in digital payment initiatives like DiMo. * Santander México: Participates in SPEI and supports digital payment methods. * OXXO: Operates as a significant correspondent banking network, facilitating cash-based payments and deposits. * Fintech Companies (e.g., Clip, Konfío, Albo, Klar, Hey Banco): Offer innovative digital payment solutions, mobile wallets, and alternative payment methods.

4. Investment and Wealth Management

This step involves providing services related to investments, savings, and wealth management for individuals and institutions. * Identification and description of segments: * Retail Investment: Offering investment products and services to individual investors. * Institutional Investment: Providing investment management and related services to large institutions like pension funds and insurance companies. * Wealth Management: Offering comprehensive financial planning and investment advisory services to high-net-worth individuals. * List of types of players in each segment: * Retail Investment: Commercial banks, brokerage firms, investment fund operators, fintech investment platforms. * Institutional Investment: Commercial banks, investment fund operators, pension funds, insurance companies, brokerage firms. * Wealth Management: Private banking divisions of commercial banks, specialized wealth management firms. * Detailed description of the main activities within each segment: * Retail Investment: Offering access to mutual funds, stocks, bonds, and other investment products; providing investment advice; operating online brokerage platforms. * Institutional Investment: Managing large investment portfolios for institutions; providing research and trading services; offering custodial services. * Wealth Management: Developing personalized financial plans; providing investment strategies; offering estate planning and tax advisory services. * List examples of key players with detailed profiles: * Actinver Banco: Listed as a Mexican bank, likely involved in investment services. * BBVA México, Banorte, Santander México: As major financial groups, they have divisions or subsidiaries that offer investment and wealth management services. * XY Booster: Operates as an asset management firm, providing services across different credit models.

5. Support and Infrastructure

This step encompasses the foundational elements and services that support all other aspects of the banking value chain. * Identification and description of segments: * Technology and IT: Providing the hardware, software, and network infrastructure for banking operations, including digital platforms. * Risk Management: Identifying, assessing, and mitigating various risks, including credit risk, market risk, operational risk, and cybersecurity risk. * Regulatory Compliance: Ensuring adherence to banking laws, regulations, and reporting requirements set by authorities like Banxico and CNBV. * Branch Network and ATMs: Maintaining physical locations and automated teller machines for customer service and transactions. * Customer Service: Providing support and assistance to customers through various channels. * Correspondent Banking: Utilizing networks of third-party agents (like retail stores) to extend reach and offer basic banking services. * List of types of players in each segment: * Technology and IT: In-house IT departments, technology vendors, cloud service providers, fintech infrastructure providers. * Risk Management: Internal risk management teams, external consulting firms, regulatory bodies. * Regulatory Compliance: Internal compliance departments, legal counsel, regulatory bodies (Banxico, CNBV, CONDUSEF, UIF). * Branch Network and ATMs: Commercial banks, development banks. * Customer Service: Internal customer service departments, call centers, digital support teams. * Correspondent Banking: Commercial banks partnering with retail stores or other businesses. * Detailed description of the main activities within each segment: * Technology and IT: Developing and maintaining banking software and mobile apps; managing data centers and cloud infrastructure; implementing cybersecurity measures; utilizing AI and big data for enhanced services. * Risk Management: Developing and implementing risk assessment models; monitoring credit portfolios; managing liquidity; ensuring compliance with Basel III standards; preventing fraud and financial crime. * Regulatory Compliance: Interpreting and implementing banking regulations; filing regulatory reports; ensuring compliance with AML/CFT laws; adhering to consumer protection regulations. * Branch Network and ATMs: Managing physical branch operations; installing and maintaining ATMs; ensuring accessibility and security of physical infrastructure. * Customer Service: Providing in-person, phone, and digital support to customers; handling inquiries and complaints; resolving issues. * Correspondent Banking: Establishing partnerships with retail outlets; training agents; managing cash handling and transaction processing at agent locations. * List examples of key players with detailed profiles: * Banco de México (Banxico): The central bank, responsible for monetary policy, currency issuance, and maintaining financial system stability, including payment systems like SPEI and DiMo. * Comisión Nacional Bancaria y de Valores (CNBV): The principal regulatory body overseeing banking operations, responsible for enforcing standards and authorizing new institutions. * Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (CONDUSEF): Safeguards the interests of financial service users. * Unidad de Inteligencia Financiera (UIF): Plays a significant role in combatting money laundering and financing of terrorism. * OXXO: A major example of a correspondent banking network.

Estimates of volumes and sizes of each step in the value chain:

As of December 2024, the total assets of the Mexican banking system were approximately 15.16 trillion pesos. The commercial banking sector accounts for a significant portion of the total financial system assets, around 44% as of March 2024. Development banks account for about 10% of the financial system's assets.

Funding and Capitalization: * Total deposits in Mexico were reported at approximately $444.009 billion USD in January 2025. * The banking sector's total funding remained high and stable as of the end of December 2023, with a financing-to-funding ratio of 1.2x. * Mexican banks are well capitalized and have robust capital buffers.

Credit and Lending: * The commercial banking sector's total loan portfolio was approximately 6.793 trillion pesos in December 2023, representing 21.4% of GDP. * Private sector credit increased by 8.8% in December 2024. * Consumer loans increased by 13.7% in December 2024. * Corporate loans had a Non-Performing Loan Index (IMOR) of 1.63% in December 2024. Consumer loans had an IMOR of 3.10%, and mortgage loans had an IMOR of 2.79% in December 2024.

Payments and Transaction Services: * In 2024, the payments industry in Mexico is estimated to have a volume of $676 billion USD, with $618 billion accounted for by POS transactions. * 62% of POS transactions were digital in 2024, expected to grow to 66% by 2027. * SPEI processes over three million transactions per day. In 2023, it processed over 3.8 billion transactions worth almost $25.7 billion USD. * DiMo had over 7 million registered accounts by May 2024.

Support and Infrastructure: * As of June 2024, the Mexican banking infrastructure included 18,089 bank branches, 53,190 banking agents, 67,035 ATMs, and 1,413,194 POS terminals.

Value Chain Summary Table

Value Chain Step Segments Types of Players Main Activities Key Players (Examples) Volumes/Sizes (Estimates)
Funding and Capitalization Deposits, Wholesale Funding, Capital Individual/Corporate Depositors, Other Banks, Institutional Investors, Central Bank, Shareholders, Development Banks Attracting deposits (various accounts), Issuing debt, Securing interbank loans, Managing retained earnings, Issuing equity, Complying with capital requirements. BBVA México, Banorte, Santander México Total Deposits: ~$444B USD (Jan 2025); Total Banking System Assets: ~MXN 15.16T (Dec 2024)
Credit and Lending Retail Lending, Corporate Lending, SME Lending, Government Lending Commercial Banks, Development Banks, Credit Unions, Fintech Lenders, SOFOMs Credit assessment, Loan origination/processing/servicing, Managing loan portfolios (mortgages, personal, auto, credit cards, corporate, SME), Providing government financing. BBVA México, Banorte, Santander México, BanBajío Total Loan Portfolio (Commercial Banks): ~MXN 6.79T (Dec 2023); Private Sector Credit Growth: 8.8% (Dec 2024)
Payments and Transaction Services Retail Payments, Wholesale Payments, Payment Processing, Remittances Commercial Banks, Fintech Companies, Payment Processors, Central Bank, Money Transfer Operators, Retail Stores Issuing cards, Operating ATMs, Providing online/mobile transfers (SPEI, DiMo, CoDi), Processing large-value transfers, Providing POS terminals, Facilitating international money transfers. BBVA México, Banorte, Santander México, OXXO, Clip, Konfío, Albo, Klar, Hey Banco, Banxico Payments Industry Volume: ~$676B USD (2024); SPEI Transactions: >3M/day; DiMo Accounts: >7M (May 2024)
Investment and Wealth Management Retail Investment, Institutional Investment, Wealth Management Commercial Banks, Brokerage Firms, Investment Fund Operators, Pension Funds, Insurance Companies, Wealth Management Firms Offering investment products (mutual funds, stocks, bonds), Providing investment advice, Managing institutional portfolios, Offering financial planning and advisory for high-net-worth individuals. Actinver Banco, BBVA México, Banorte, Santander México, XY Booster (Specific volumes by segment not readily available in sources)
Support and Infrastructure Technology and IT, Risk Management, Regulatory Compliance, Branch Network/ATMs, Customer Service, Correspondent Banking Banks' internal departments, Technology Vendors, Regulators (Banxico, CNBV, CONDUSEF, UIF), Retail Stores Developing/Maintaining IT systems, Cybersecurity, Assessing/Mitigating risks (credit, market, operational), Ensuring compliance with regulations (Basel III, AML), Managing physical infrastructure, Providing customer support, Partnering with agents. Banxico, CNBV, CONDUSEF, UIF, OXXO Bank Branches: 18,089 (Jun 2024); ATMs: 67,035 (Jun 2024); POS Terminals: 1,413,194 (Jun 2024); Banking Agents: 53,190 (Jun 2024)

Examples of Main Players

BBVA México * Profile: BBVA México is the largest financial institution in Mexico by assets and profits, and a core part of the global BBVA group. It boasts a significant market share across various banking products and has been a key investor in digital transformation initiatives. * Case Study Context: BBVA México's dominance is evident in its substantial asset base (3.38 trillion pesos in December 2024, 22.3% of total system assets) and leading market shares in key lending and deposit segments (e.g., 30% in consumer loans, 32% in credit cards, 22% in deposits as of June 2024). The bank's focus on digital channels and infrastructure, coupled with its extensive physical presence, allows it to cater to a wide range of customer needs across the value chain.

Banorte * Profile: Grupo Financiero Banorte is a prominent Mexican financial institution with a strong presence in banking and other financial services like pensions. It is actively pursuing digital innovation, including the launch of a fully digital bank, Bineo. * Case Study Context: Banorte holds a significant position in the market with 1.83 trillion pesos in assets (12.06% market share) as of December 2024. Its strategic investments in digital transformation, exemplified by Bineo, highlight a move to capture the digital-native segment while maintaining its traditional banking services. Banorte's strong market share in areas like payroll and mortgage lending demonstrates its success in serving both individuals and businesses.

Santander México * Profile: The Mexican subsidiary of the global Santander group, Santander México is a major player contributing significantly to the parent company's profitability. It has a strong presence across various banking segments and is also expanding its digital offerings, including the launch of Openbank. * Case Study Context: Santander México's assets reached 2 trillion pesos by the end of 2024, representing a 13.19% market share. The launch of Openbank in Mexico signifies Santander's commitment to digital banking and its aim to offer a fully digital experience alongside its traditional branch network. Their notable market share in consumer and credit card lending showcases their retail banking strength.

Fintech Companies (e.g., Clip, Konfío, Albo, Klar, Hey Banco, NuBank, Revolut) * Profile: A diverse group of companies leveraging technology to offer innovative financial products and services, often targeting underserved segments or providing specialized solutions. They operate under the regulatory framework established by Mexico's Fintech Law. * Case Study Context: Mexico's fintech ecosystem is one of the largest and most dynamic in Latin America, with over 773 local and 217 foreign fintech companies as of early 2024. These players are particularly active in payments (digital wallets, mobile payments), lending (alternative credit models, P2P lending), and digital banking (neobanks). Companies like NuBank reaching 10 million loans granted by January 2025 and Spin (Oxxo) onboarding over 12 million clients by September 2024 demonstrate the impact of fintechs in expanding financial inclusion.

Volumes and Sizes

The Mexican banking sector is the second largest in Latin America in terms of assets. The financial system as a whole held assets equivalent to 98% of Mexico's GDP as of March 2024.

Key volume and size estimates for the Mexican banking industry in 2024 and early 2025 include:

  • Total Banking System Assets: Approximately 15.16 trillion pesos as of December 2024.
  • Market Share by Assets (December 2024):
    • BBVA México: 22.3% (3.38 trillion pesos)
    • Santander México: 13.19% (2 trillion pesos)
    • Banorte: 12.06% (1.83 trillion pesos)
    • Citibanamex: (While its asset share was impacted by the separation from Citi, it was among the top banks by assets and loan portfolios based on earlier 2024 data). Citi México held assets valued at 641.51 billion pesos in December 2024.
    • HSBC: 6.16% (936.41 billion pesos)
    • Scotiabank: 6.04% (918.58 billion pesos)
    • Inbursa: 4.47% (679.63 billion pesos)
    • These top seven banks (G-7) hold approximately 80% of total assets. The top eight account for over 75% of total assets.
  • Loan Portfolio (Commercial Banking): 6.793 trillion pesos in December 2023, 21.4% of GDP. Private sector credit increased by 8.8% in December 2024. Consumer loans increased by 13.7% in December 2024.
  • Deposits: Total deposits were around $444.009 billion USD in January 2025.
  • Payments Volume: The payments industry volume is estimated at $676 billion USD in 2024. POS transactions accounted for $618 billion USD of this volume.
  • Financial Inclusion: As of the 2023 National Survey of Financial Inclusion (ENIF), 40% of the Mexican population was financially excluded. The percentage of adults with at least one financial product remained around 67.8% in 2021. Efforts are underway to increase the number of citizens holding at least one financial product to 77% by 2024.
  • Fintech Ecosystem: Over 773 local fintech companies and 217 foreign fintech companies were operating in Mexico as of early 2024. The fintech sector saw an approximately 19% annual growth in the number of companies in 2024.
  • Banking Infrastructure (June 2024):
    • Bank branches: 18,089
    • Banking agents: 53,190
    • ATMs: 67,035
    • POS terminals: 1,413,194
    • Accounts linked to mobile phones: 87,363

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