An important component of the Mexican banking system is its multiple-purpose financial firms (Sociedades Financieras de Objeto Múltiple, SOFOM). Until July 2013, there were two types of financial societies, the other being for limited purpose (Sociedades Financieras de Objeto Limitado, SOFOLs). SOFOLs were created in 1993 and were specialised...
Despite slow growth in the Mexican economy in 2013, the prospects for the next few years remain positive, given recent structural reforms, a stable macroeconomic environment and an improved credit rating. The banking system has been experiencing a period of stability not seen in its recent history. Not only was it not affected by domestic...
Banking regulators in Mexico treat the seven largest of the 21 financial groups operating in the country as a distinctive group. The top seven include Spain’s BBVA Bancomer and Santander, Mexico’s Banorte and Inbursa, America Banamex (which has been controlled by Citigroup since 2001) HSBC and Canada’s Scotiabank. The list is made up of two...
2013 was not a memorable year for the insurance sector in Mexico, given the country’s overall slower economic growth. Enhancing Mexico’s low rate of insurance penetration has proved a challenge. With a premiums-to-GDP ratio of about 2% – compared to 5% in Brazil – the insurance penetration rate is one of the lowest in the Latin American region. In 2012 only 22% of the adult population was...
Low macroeconomic volatility, stable exchange rates and efficient management of the economy and public finances are some of the factors behind the growth of Mexico’s capital markets and the record number of initial public offerings announced in 2013. With the second-largest stock exchange in Latin America, Mexico’s recent performance showed growth in volume as well as in value. In 2013, the...
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