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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...

Having faced several financial crises in recent decades, Mexico has pursued a relatively prudent fiscal policy since the mid-1990s in a largely successful effort to sustain confidence in the country’s financial markets. While the government’s relatively low debt – at only 38.3% of GDP – would suggest that there is significant scope for fiscal...

Mexico is the second-largest economy in Latin America, a manufacturing giant that gets more competitive every year, a country with substantial natural resources and one of the most open economies in the world. It also suffers from a host of economic problems that contributed to growth nearly grinding to a halt in 2013, such as informal...

In line with reforms pertaining to energy, education and telecommunications, Mexico is also amending its tax system (see Tax chapter). In late 2013, President Enrique Peña Nieto signed the new reform into law, which was thereafter approved by Congress. The reform aims to reduce dependence on energy revenues and to boost tax collection through...