Mexico has a reasonably significant banking sector that consists of banks of different functions and capital value. All these banks are regulated by the Mexican central bank, which is known as Banco de Mexico. This bank became operational in 1954, and it has several subsidiaries that perform different functions. It is the apex bank that regulates and provides guidelines for the operation of all banks in Mexico. The bank also manages money circulation, regulates inflation, maintains the money exchange market, manages the country’s foreign reserve, enforces credit control.

Biggest Banks in Mexico

The vast majority of the banking sector in Mexico is controlled by foreign banks, which include HSBC, Deutsche, Citigroup, Santander, BBVA, and Scotiabank. However, several indigenous banks are playing a considerable roll in the financial sphere of the country. These banks include Banorte, Banco del Bajio, Inbursa, Bancomext, and Banamex.

Most of these banks can broadly be categorized into 6 classes, which are:

  • Mortgage banks,
  • Private investment institutions,
  • Private commercial institutions,
  • Public credit banks
  • Public development institutions
  • Savings and loan groups

All these banks perform slightly different functions within the economy. However, in recent times, the drop in economic growth due to the COVID19 pandemic has led to asset decline, high inflation, and increased interest rates, which threatens to reshape the banking sector. This trend is not expected to get any better in the near future, which would have a ripple effect on the income and borrowers’ ability to repay credit. Nonetheless, the big banks within Mexico are expected to still be in business in the foreseeable future.

Find below a brief description of 10 biggest banks that operate in Mexico.

1. BBVA Mexico

BBVA Mexico is the biggest bank in the country. The bank began operations in 1932, and it currently boasts the most deposits, ATMs, and branches. It has a total asset value of over $110 billion. This bank provides a wide range of services and financial products to the government, companies, and the general population. BBVA, directly and indirectly, employs more than 30,000 people all across Mexico. This bank is a foreign bank and has the highest number of loans in the country.

2. Banorte

This bank is indigenous and the second-largest bank in Mexico. Created in 1899, it is one of the older banks, which currently has over 8,000 ATMs, 160,000 POSs, and over 1,000 branches all around Mexico. This bank has an estimated 25,000 direct and indirect employees that serve 20 million customers in the country. Banorte has a total asset of about $80 billion.

3. Scotiabank Mexico

This bank opened in 1832, which makes it amongst the oldest in the country. It is a subsidiary of a bank in Canada called Nova Scotia. The bank provides different banking services to Mexicans. Scotiabank Mexico has about 8,000 workers, and it has a total asset worth of over $28 billion.

4. Santander Mexico

This bank has two sections, which are commercial and corporate banking. Established in 1932, it has over 1,000 branches and several ATMs all around the country. It provides its commercial and corporate customers different types of services, which include different accounts, cash handling, fixed deposit, insurance, loans, credit cards, and debit cards. This bank has an estimated net asset worth of almost $70 billion. It has an affiliation with the Spanish financial institution Santander.

5. HSBC Mexico

This bank came into existence in 1941 in Mexico. It has a total asset value of over $40 billion. This foreign bank has many staff and many branches in the country. The bank bagged an award in 2018 for quality service and excellent customer satisfaction. It has over 900 branches and more than 5,000 ATMs across Mexico.

6. Inbursa

This bank is a relatively smaller bank that began operation in 1993. It is a go-to bank for small businesses. The bank’s headquarters is in the country’s capital, and it focuses on insurance, loans, and commercial service provision. It has more than 2,000 staff, and it has a total asset value of about $25 billion.

7. Banamex

Just like many of the banks in Mexico, Banamex has several branches in other countries. Its full name in Spanish is Banco Nacional de México, and it is amongst the three largest banks in Mexico. Created in 1884, it has its headquarters within the country’s capital and almost 2,000 branches all across the country. The bank employs directly and indirectly over 40,000 individuals. As it stands, it has an asset value of more than $60 billion with an annual net profit that exceeds $500 million.

8. Bancomext

This bank is a development bank that is owned by the Mexican government. It gives out guarantees and loans to companies via banks and community institutions. Bancomext aims to give indigenous small to medium scale companies access to financial support that would keep them in business and profitable within the global market. The bank provides financial support for imports, exports, investments, and more. Bancomext has assets that are worth about $20 billion. It also has a vast loan portfolio that is over $11 billion.

9. Afirme

Afirme Financial Group (Afirme Grupo Financiero) is a corporation with several subsidies, which cut across banking, manufacturing, insurance, storage, investment funds, renting, and leasing. It also provides pension schemes to individuals and organizations. Afirme has nearly 100 branches, which are predominately functional in Mexico City, Michoacan, Monterrey, and Northeastern Mexican cities. This bank has a modest total asset, which is a little over $11 billion.

10. Banco del Bajio

Banco del Bajío or BanBajío is a Mexican bank with over 4,500 employees all over Mexico. This bank gives different types of commercial services to governments, corporations, and individuals. Also, it allows its clients the ability to deposit and borrow funds. Additionally, it gives clients access to insurance, investments, cards (debit and credit), mortgages, and more. BanBajío is also ahead in the implementation of technological advancements in the banking sector. These advancements include online and mobile banking. With a total asset valued around $10 billion, BanBajío is considered amongst the largest banks within the country.


The Mexican Central Bank, the country’s apex bank, is responsible for all the banks in the country. The large percentage of the financial banking institution is mostly in the hand of foreign banks. There are still reliable indigenous banks that provide quality financial services to the Mexican people. Also, all the different banks have different structures and functions that they offer their clients.