Grupo Financiero Banamex: A Comprehensive Overview

Grupo Financiero Banamex is a leading financial institution in Mexico, with a rich history dating back to 1884. It was founded by Francisco Serapio López, a Mexican entrepreneur and banker.

Banamex has undergone significant transformations over the years, expanding its services and operations to become one of the largest banks in the country. Today, it is a subsidiary of Citigroup, a multinational financial services corporation.

With a strong presence in Mexico, Banamex offers a wide range of financial services, including consumer and corporate banking, investment banking, and asset management. Its extensive network of branches and ATMs allows customers to access their accounts and conduct financial transactions with ease.

On a similar theme: List of Banks in Mexico

Grupo Financiero Banamex was formed in August 1991 as a result of the Ley para regular las agrupaciones financieras of 1990.

The group was formed from its main subsidiary, Banco Nacional de México, after it was acquired by a group of entrepreneurs led by Roberto Hernández Ramírez, Alfredo Harp Helú, and Alejandro Betancourt Alpírez.

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This group, known as Grupo Financiero Banamex-Accival (Banacci), was created by combining Banamex, the Accival brokerage house, and the AVM exchange house.

Banacci was acquired by Citigroup in August 2001, and the group was renamed Grupo Financiero Banamex.

As of January 2022, Citigroup announced the sale of its consumer segment in Mexico, which was primarily represented by Banamex.

Citibanamex, the third-largest bank in the country, had over 23 million clients, a team of 33,000 employees, and a network of more than 1,300 branches across Mexico.

Grupo Financiero Banamex has a diverse range of subsidiaries that contribute to its overall operations.

Banamex is a subsidiary of Grupo Financiero Banamex, providing financial services to customers.

Accival is another subsidiary, offering its own set of services.

Afore Banamex, Seguros Banamex, Arrendadora Banamex, and Operadora e Impulsora de Negocios are also part of the group.

Acción Banamex, Pensiones Banamex, Fomento Cultural, and Fomento Social round out the list of subsidiaries.

Here are the subsidiaries of Grupo Financiero Banamex:

Grupo Financiero Banamex had a short-lived presence in the US through its subsidiary Banamex USA.

Banamex USA was opened in the US by Banamex in 2001 after Citigroup's purchase of Banamex.

Most of the bank branches were located in the Southwest, with branches in California, Texas, and Arizona.

The US subsidiary was shut down in 2015 after a 6-year investigation into Citigroup's and Grupo Financiero Banamex' money laundering scheme by the U.S. Department of Justice.

This resulted in Citigroup having to pay a $140 million fine.

Banamex's expansion into the US was short-lived, lasting only 14 years from 2001 to 2015.

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Grupo Financiero Banamex's income has been steadily increasing over the years, with sales reaching 6,221.40 million MXN in 2023, a 12.38% change from 2022.

The company's gross profit on sales has also been on the rise, reaching 3,533.17 million MXN in 2023, a 6.62% change from 2022.

Here's a breakdown of the company's income and expenses:

The company's balance sheet has also been growing, with total liabilities reaching 10,095.75 million MXN in 2023, a 3.81% change from 2022. Equity has been steadily increasing as well, reaching 62,053.40 million MXN in 2023, a 0.70% change from 2022.

Income Statements (MXN) give us a clear picture of a company's financial performance. The data shows that sales have been steadily increasing, with a notable jump of 12.38% in 2023 compared to 2022.

The sales growth is impressive, but let's take a closer look at the gross profit on sales. In 2023, the gross profit on sales was 3,533.17 million MXN, a 6.62% increase from the previous year.

Here's a breakdown of the gross profit on sales change in percentage for the past few years:

Looking at the operating income, we see that it has also been increasing, with a 5.95% growth in 2023 compared to 2022.

The income before tax has shown a more significant growth, with a 7.49% increase in 2023 compared to 2022.

The balance sheet is a snapshot of a company's financial situation at a particular point in time. It's a crucial tool for investors, analysts, and business owners to understand a company's financial health.

Total liabilities have been steadily increasing over the years, reaching 10,095.75 million MXN in 2023. This is a significant amount of debt that the company needs to manage.

The equity of the company has also been steadily increasing, reaching 62,053.40 million MXN in 2023. This is a good sign that the company is generating profits and building value.

The equity change in percentage has been relatively stable, ranging from -0.11% to 0.74% over the years. This suggests that the company's equity is not fluctuating wildly.

Here's a breakdown of the company's total liabilities and equity over the years:

The balance sheet total has been increasing steadily over the years, reaching 72,149.15 million MXN in 2023. This is a sign that the company is growing and expanding its operations.

In Mexico, Grupo Financiero Banamex has a long history of innovation and customer service. The company's Banco Nacional de Mexico calendar shows that it releases earnings reports four times a year, with the first report of 2025 scheduled for April 24th.

Banamex has been a pioneer in Mexico's financial sector, introducing the first alcancía (piggy bank) in 1923, designed to encourage children and young adults to save money. The company also launched the first "bancomático" (automated teller machine) in Mexico and Latin America in 1972.

Here are some key dates for Banamex's earnings reports in Mexico:

Banco Nacional de Mexico has a long history of paying dividends to its shareholders, with the first recorded dividend payment dating back to 2013.

The dividend yield for Banco Nacional de Mexico has ranged from a low of 1.47% in 2013 to a high of 10.26% in 2022.

In 2023, the dividend payment was 2.10 MXN, a decrease from the previous year's payment of 2.40 MXN in 2022.

Here is a breakdown of the dividend payments made by Banco Nacional de Mexico from 2013 to 2023:

Note that the dividend payment has fluctuated over the years, with some years seeing significant increases or decreases.

Mexico's Banco Nacional de Mexico has a calendar of important events that you should be aware of.

The bank's earnings reports are a significant part of this calendar.

You can expect the Q4 2024 Earnings Release on February 20, 2025.

The Q1 2025 Earnings Release is set for April 24, 2025.

The Q2 2025 Earnings Release will take place on July 24, 2025.

The Q3 2025 Earnings Release is scheduled for October 23, 2025.

The Q4 2025 Earnings Release will be on February 12, 2026.

The Q1 2026 Earnings Release will be on April 16, 2026.

The Q2 2026 Earnings Release will be on July 16, 2026.

The Q3 2026 Earnings Release will be on October 15, 2026.

Here is a summary of the earnings reports:

The Mexico Shareholder landscape is dominated by the Daniel Family, who own a whopping 40% of the company. This significant stake gives them a substantial amount of influence over the bank's decision-making processes.

The Freefloat, which is the portion of the company's shares available for public trading, makes up 60% of the bank's ownership. This is a relatively high freefloat percentage, indicating that a significant portion of the company's shares are held by individual investors rather than institutional investors.

Here is a breakdown of the major shareholders of Banco Nacional de Mexico:

The American Funds Small Cap World Fund and Fondo Oportunidades Actinver SA de CV FIRV hold smaller stakes in the company, with 3.03% and 1.92% respectively. These institutional investors likely have a significant impact on the company's operations, but it's worth noting that their combined stake is still relatively small compared to the Daniel Family's majority ownership.

In Mexico, Banamex has a long history of innovation in the banking sector. Banamex launched the first piggy bank in 1923 to encourage children and minors to save money.

The bank also introduced traveler's checks between 1925 and 1934, providing a convenient way for people to travel and conduct transactions.

In the 1950s and 1960s, Banamex began financing social interest housing, helping to address the country's housing needs.

In 1972, Banamex introduced the first automated teller machine (ATM) in Mexico and Latin America, making it easier for people to access their money.

Here are some key milestones in Banamex's history in Mexico: