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Banking in Mexico Market Players Analysis

Products and Services

This report details the main products and services offered by the top 10 banking institutions in Mexico, based on the provided data for 2024 and early 2025.

BBVA México: As a leading financial institution, BBVA México offers a wide array of financial products and services. These include retail, corporate, private, and mortgage banking, as well as investment and government banking services. They also have non-banking subsidiaries providing annuities management, mortgage servicing, P&C and life insurance, stock market intermediation, foreign remittances transfers, and asset management. Their digital corporate banking solutions include structured investments, eMarkets, BBVA Companies, and BBVA Trader.

Banorte: Banorte operates as a financial group offering universal banking products and a wide array of services through its various entities. These include banking services, brokerage, wholesale banking, leasing, factoring, insurance, pensions, and retirement savings. Their product portfolio includes savings, checking and payroll accounts, mortgages, debit and credit cards, personal and auto credit, term investment funds, and short- and long-term credit. They also offer services such as treasury, foreign exchange, asset management, foreign trade, payroll, remittance, collection, trust, financing, international banking, internet banking, and mobile banking. Banorte is a significant provider of loans to governments and a major player in the mortgage sector. They also have a focus on financing AgriBusiness companies.

Santander México: Santander México provides a wide range of financial and related services through its Retail Banking and Corporate and Investment Banking segments. Their retail banking activities include products and services for SMEs such as personal loans, deposit-taking, employee payroll accounts for corporate customers, credit and debit cards, and overdraft facilities. They also offer commercial and retail banking, brokerage, and financial advisory services. Products in Mexico include instant messaging transfer services, tools for savings plans, and fixed-rate mortgages. They also have a financial inclusion initiative for the low-income population.

Inbursa: Grupo Financiero Inbursa is involved in banking, insurance, investment, and asset management. They offer a wide range of financial products and services, including personal and commercial loans, savings and checking accounts, insurance policies, mutual funds, and retirement plans. They also provide credit and debit cards, mortgages, fixed-term deposits, investment funds, brokerage services, and business financing. Their services extend to stock exchange brokerage and money and capital market services.

Citibanamex: Citibanamex offers a comprehensive suite of financial products and services to individuals and businesses. These include commercial banking, investment services, insurance, and wealth management. They provide checking and savings accounts, loans, mortgages, credit cards, and investment products like mutual funds, stocks, and bonds. Citibanamex also plays a role in payment processing. Following its separation from Citigroup, Banamex will focus on business and consumer sectors, while Citi México will operate in the corporate banking segment, offering services in Banking, Markets, Services, and Private Bank for institutional clients, governments, investors, and multinational corporations.

HSBC México: HSBC México provides a wide range of financial solutions for individuals and businesses, including personal banking, wealth management, corporate banking, and global markets. Products for individual clients include account services (checking, savings, time deposit, and investment), investment funds, credit and debit cards, personal loans, car and mortgage loans, insurance, and private banking. Business and corporate banking services encompass financial solutions in Mexican pesos and other currencies, lines of credit for working capital, term loans, export and project finance solutions, account services, and cash management. They also offer international business and treasury services.

BanBajío: BanBajío is a Mexican bank strategically focused on the corporate and SME lending niche, particularly in the agribusiness and manufacture supply chains. They provide various commercial banking products and services to individuals, companies, governments, and SMEs. Offerings include checking, payroll, and minor accounts, credit cards, and mortgage credits. They also offer investment, foreign exchange, and savings fund services, various insurance services, and electronic and mobile banking. Their main activities include receiving deposits, underwriting loans, payments reception, securities operations, trusts, leasing, and factoring.

Scotiabank México: Scotiabank México offers a broad range of banking, financial, foreign exchange, and securities market products and services. Their domestic retail banking network provides current and savings accounts, call and term deposits, foreign exchange, ATMs, safety deposit boxes, and telephone banking. Corporate services include mid-term loans, cash management services, trade finance products, Visa/MasterCard merchant services, real estate banking, trust services, and business banking. They also offer global transaction banking solutions. Their product offerings include checking and savings accounts, investments, and credit products.

Banco Azteca: Banco Azteca offers a comprehensive range of financial services, including savings accounts, loans, credit cards, insurance, and investment options. They are known for focusing on serving lower-income segments and providing microloans and depository services. Their products include sight accounts, consumer credit, personal loans, payroll loans, and credit for purchasing cars and for entrepreneurs. They also offer internet banking and payment services.

Afirme: Afirme provides a comprehensive suite of financial products and services to individuals and companies. These include savings and current accounts, credit and debit cards, loans, wealth management, mortgages, and investment services. They offer a wide range of savings, investment, and financing solutions. Afirme has also been exploring digital banking solutions and experimenting with services geared towards gamers and the metaverse.

Comparative Table of Volume and Revenue Growth

Market Player Key Products/Services (Based on available data) Volume Growth/Decline (2024/2025) Revenue Growth/Decline (2024)
BBVA México Enterprise, Consumer, Credit Card, Payroll, Mortgage, Deposits, Loans, Assets Leads in market share across various portfolios (enterprise 22%, consumer 30%, credit card 32%, payroll 39%, mortgage 26%, deposits 22% as of June 2024). Assets at 3.38 trillion pesos (Dec 2024), 22.3% of system assets. Performing Loans and Total Deposits increased from Mar 2024 to Mar 2025. MXN 93,146 million in profits (full year 2024). Accounted for ~20% of total banking system income (2024). Net income increased from Mar 2024 to Mar 2025.
Banorte Enterprise, Payroll, Mortgage, Loans, Deposits, Assets Held 12.06% of total banking system assets (Dec 2024). Strong market share in enterprise (12%), payroll (21%), and mortgage (19%) portfolios (June 2024). Quarterly loan portfolio expansion >12% YoY in Q4 2023. MXN 45,298 million in profits (full year 2024). Anticipated revenue growth ~10% for 2024.
Santander México Assets, Enterprise, Consumer, Credit Card, Deposits, Loans Held 13.19% market share by assets (Dec 2024). Notable presence in enterprise (11%), consumer (13%), credit card (14%), deposits (12%) portfolios (June 2024). 3% increase in loans and 10% increase in deposits in Mexico (2023). MXN 28,584 million in profits (full year 2024).
Inbursa Enterprise, Deposits, Assets, Earnings Gained market share in enterprise and deposits segments (June 2024). Held 4.47% of total banking system assets (Dec 2024). MXN 24,853 million in profits (full year 2024). Showed a 31.48% increase in earnings (July 2024).
Citibanamex Assets, Consumer, Credit Card, Payroll Citi México held assets of 641.51 billion pesos (Dec 2024). Presence in consumer (14%), credit card (23%), and payroll (15%) portfolios (June 2024). MXN 22,590 million in profits (full year 2024). Revenue over US $4.7 billion (first nine months of 2024).
HSBC México Assets, Credit Card, Loan Portfolio, Deposits, Revenue Held 6.16% of total banking system assets (Dec 2024). Increased market share in credit card segment (June 2024). 7% growth in loan portfolio and 2% growth in deposits (2024). Total revenue MXN 42,439 million (twelve months of 2024). Net income MXN 6,866 million (twelve months of 2024).
BanBajío Total Loan Portfolio, Deposits, Assets, Accumulated Net Income, Revenues 10.4% growth in total loan portfolio and 11.3% growth in deposits in Q2 2024 YoY. Assets of ~$19.4 billion (June 2024). 3.5% market share in total loans, 2.6% in deposits (June 2024). Projects overall loan growth 9%-12% by end of 2024. Deposits increased ~11% annually (June 2024). TTM 2024 revenue $1.44 Billion USD. Accumulated net income MXN 5,626 million (first half of 2024). Revenues saw 7.7% growth in Q2 2024 vs Q2 2023.
Scotiabank México Assets, Mortgage Held 6.04% of total banking system assets (Dec 2024). Gained market share in the mortgage portfolio (June 2024). Mentioned among top eight banks by profits (Nov 2024). Global entity reported increased net income (fiscal year 2024).
Banco Azteca Assets, Consumer Market Share, Savings Accounts, Loans, Credit Cards, Insurance, Investment Options, Microloans, Depository Services, Credit Accounts Assets of MXN 173,859 million (2024). Holds a presence in the consumer market share. Over 16 million savings accounts and over 18 million credit accounts. Specific 2024 revenue or detailed profit figures for banking operations not readily available in top rankings.
Afirme Assets Listed among banks with significant asset holdings. Efficiently manages anticipated 20% annual increase in transaction volumes. Specific 2024 revenue or detailed profit figures not readily available in top rankings.

References

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