This Tuesday Citigroup announced that it will exit its Citibanamex consumer banking business in Mexico; with what will sell the Citibanamex brand, branches and customer accounts, the cultural heritage including buildings in the Historic Center (as the Palace of Iturbide), the credit business payroll cards, mortgages , auto, SMEs, as well as the Afores and insurance business.
Although this is the most recent news about the exit of a bank in Mexico, in the past others have withdrawn from the game. Below we list five banks that had a presence in the country but no longer exist, at least not as we knew them.
Bancomer
In 1932 Bancomer was founded in Mexico City under the name of Banco de Comercio. After the bank privatization in the country, in 1991, Grupo Financiero Bancomer (GFB) was formed, which retakes control of Bancomer.
In 2000, BBVA capitalized Bancomer with 1,400 million dollars and Grupo Financiero BBVA Bancomer was born.
Finally, the name was simplified to BBVA in all the countries where it has a presence, including Mexico.
Bital
“Welcome to this your bank” was the audio that could be heard when entering a branch of Bital, which we now know as HSBC.
HSBC México was founded on July 22, 1941, under the name of Banco Internacional, SA, as a commercial banking institution. In 1972, the Mexican Government took control of Banco Internacional, SA, to be later acquired by Grupo Privado Mexicano (PRIME).
On June 24, 1992, the integration of Banco Internacional, SA into Grupo Financiero Prime Internacional, SA de CV was formalized, later changing its name to Grupo Financiero Bital, SA de CV and initiating the development of the bank under the Bital brand.
Serfín
Grupo Financiero Santander Serfin was created in May 1997, with the acquisition of majority control of Grupo Financiero Invermexico by Banco Santander SA, changing its name to Grupo Financiero Santander Mexicano (SANMEX).
Inverlat
The Bank was established on January 30, 1934 under the name “Banco Comercial Mexicano”. After various modifications and mergers, on December 24, 1976, the Bank changed its name to “Multibanco Comermex”.
As a result of the nationalization of the Mexican banking that occurred during the month of September 1982, the federal government of Mexico adopted the administration of the Bank, which became a National Credit Society in accordance with the legislation then in force.
In February 1993, in accordance with the Bank’s reprivatization process, the Bank joined Grupo Financiero Inverlat and changed its name to “Banco Inverlat”.
Currently, in Mexico we know this bank as Scotiabank.
IXE
More than a disappearance, IXE’s is a transformation derived from an alliance. IXE is Banorte’s preferred bank. It is now known as Banorte-IXE.
