Grupo Financiero Banamex
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Predecessor | Banco Nacional Mexicano, Banco Mercantil Mexicano |
| Founded | June 2, 1884 |
| Headquarters | Mexico City , Mexico |
Area served | Mexico, United States (formerly) |
Key people | Manuel Medina-Mora (former chairman), Roberto Hernández Ramírez (former CEO) |
| Products | Banking, investment, mortgage, pensions, insurance |
| Owner | Citigroup |
Number of employees | 32000 (1991) |
| Parent | Citigroup |
Grupo Financiero Banamex S.A. de C.V. is the owner of Banco Nacional de México, commonly known as Banamex and marketed as Citibanamex from 2016 through 2025. It ranks as the second-largest banking institution in Mexico. In August 2001, Citigroup purchased Banamex Financial Group for $12.5 billion USD, and it currently functions as a subsidiary within the Citigroup corporate structure.
History
Banamex originated on 2 June 1884 following the consolidation of Banco Nacional Mexicano and Banco Mercantil Mexicano, both operational since early 1882. Initially, its branches were located in Mérida, Veracruz, Puebla, Guanajuato, San Luis Potosí, and Guadalajara. After World War I, French management exited Mexico; a decade later, Agustín Legorreta Ramírez revitalized the bank. By the year 1937, Banamex controlled 36 out of the country’s 50 banking branches.
The bank pioneered several financial advancements in Mexico, such as launching the nation’s first credit cards in 1968 and introducing ATM services in 1972. In 1977, Grupo Banamex was created by merging the bank with its investment and mortgage divisions. Four years later, in 1981, Banamex expanded by acquiring California Commerce Bank.
During the economic downturn of 1982, Mexican President José López Portillo nationalized all private banks including Banamex. For nearly nine years thereafter, it operated as a government-owned credit institution. The reprivatization occurred in 1991 with the formation of Grupo Financiero Banamex–Accival through a partnership with investment bank Acciones y Valores de México (Accival). At that point, the group managed 720 branches, employed close to 32,000 staff members, held assets totaling $26.2 billion, and served around four million clients—making it Latin America’s largest financial conglomerate.
The rapid growth of private credit portfolios eventually placed pressure on Banamex’s financial health. The peso devaluation in December 1994 coupled with an ensuing recession led many privatized banks to face insolvency challenges.
To mitigate a systemic banking crisis, the government established a rescue mechanism (IPAB/Fobaproa) which acquired non-performing loans from troubled banks in exchange for government securities. Banamex transferred a significant volume of bad debts to IPAB and received capital injections from shareholders to restore its financial stability.
Between 1997 and 2001, Roberto Hernández Ramírez held the position of CEO. In that same year, Afore Banamex was launched to enter Mexico’s emerging private pension fund sector.
On August 6, 2001, Citigroup completed its acquisition of Grupo Financiero Banamex-Accival for $12.5 billion—the largest corporate merger between the U.S. and Mexico at that time—consolidating its Mexican operations under the Banamex brand.
In October 2014, reports emerged alleging employee kickbacks and unauthorized surveillance activities within Banamex; these claims prompted investigations by authorities in both Mexico and the United States. Subsequently, Citigroup urged Chairman Manuel Medina-Mora to step down.
Effective December 1, 2024, Citibanamex declared it would function as two distinct entities: Grupo Financiero Banamex and Grupo Financiero Citi México.
Subsidiaries
The principal subsidiaries under Grupo Financiero Banamex include:
- Banamex
- Accival
- Afore Banamex
- Seguros Banamex
- Arrendadora Banamex
- Operadora e Impulsora de Negocios
- Acción Banamex
- Pensiones Banamex
- Fomento Cultural
- Fomento Social
Banamex USA
After Citigroup acquired Banamex in 2001, it extended its operations into the United States by launching Banamex USA, focusing mainly on the Southwestern region with locations in California, Texas, and Arizona. Nevertheless, following a six-year probe by the U.S. Department of Justice into money laundering activities linked to Citigroup and Grupo Financiero Banamex, the subsidiary ceased operations in 2015. This led to Citigroup incurring a penalty of $140 million.