Money and Banking: Banking System Overview

Central Bank

As the country's central bank, Banco de México regulates the Mexican monetary policy, issues and manages the currency, manages the country's foreign exchange reserves, and supervises and regulates the banking system. Its primary goal is to maintain the value of the Mexican peso and promote economic stability.

Regulated by: Bank of Mexico Law and reports to the Mexican Ministry of Finance

Services typically offered by the central bank include:

• Regulating monetary policy
• Issuing and regulating currency
• Managing foreign exchange reserves
• Supervising and regulating the banking system

Examples: Banco de México

Commercial Banks

These are a wide range of financial services to individuals and businesses, including checking and savings accounts, loans, credit cards, investment products, insurance products, and online banking services.

Regulated by: National Banking and Securities Commission (CNBV) and the Bank of Mexico

Services typically offered by commercial banks include:

• Checking and savings accounts
• Loans and credit cards
• Investment products
• Insurance products
• Online banking services

Examples: BBVA Bancomer, Banamex, Santander, HSBC Mexico

Investment Banks

These banks primarily offer services related to underwriting and issuing securities, advising on mergers and acquisitions, and managing investments for institutional clients.

Regulated by: National Banking and Securities Commission (CNBV)

Services typically offered by investment banks include:

• Underwriting and issuing securities
• Advising on mergers and acquisitions
• Managing investments for institutional clients

Examples: Citibanamex, Goldman Sachs Mexico, Credit Suisse Mexico

Retail Banks

Retail banks are similar to commercial banks but tend to focus more on serving individuals and small businesses. They offer services such as checking and savings accounts, loans, credit cards, and mortgages.

Regulated by: National Banking and Securities Commission (CNBV)

Services typically offered by retail banks include:

• Checking and savings accounts
• Loans and credit cards
• Mortgages
• Online banking services

Examples: Banorte, Banco Azteca, Scotiabank Mexico

Foreign Banks

These are banks headquartered outside of Mexico that operate branches or subsidiaries in the country. They offer many of the same services as domestic banks but may specialize in serving international clients.

Regulated by: National Banking and Securities Commission (CNBV)

Services typically offered by foreign banks include:

• Checking and savings accounts
• Loans and credit cards
• Investment products
• Insurance products
• Online banking services

Examples: BBVA, Citibank, HSBC

Credit Unions

Credit unions are member-owned financial cooperatives that offer many of the same services as banks, but they are not-for-profit organizations that prioritize serving their members' needs.

Regulated by: National Banking and Securities Commission (CNBV) and the Mexican Federation of Credit Unions

Services typically offered by credit unions include:

• Checking and savings accounts
• Loans and credit cards
• Online banking services

Examples: Caja Popular Mexicana, Caja Popular San Rafael

Savings and Loan Associations

These are financial institutions that specialize in accepting deposits and making loans to individuals and small businesses. They are typically community-based and may focus on specific types of loans, such as home mortgages.

Regulated by: National Banking and Securities Commission (CNBV) and the Mexican Ministry of Finance

Services typically offered by savings and loan associations include:

• Accepting deposits
• Making loans to individuals and small businesses
• Mortgages

Examples: Sociedad Hipotecaria Federal, Nacional Financiera

Online Banking

Online banking services are offered by most banks in Mexico and allow customers to perform many banking activities, such as checking account balances, transferring funds, and paying bills, through their computers or mobile devices.

Regulated by: National Banking and Securities Commission (CNBV) and the Bank of Mexico

Services typically offered by online banking services include:

• Checking account balances
• Transferring funds
• Paying bills

Examples: Most banks in Mexico offer online banking services

Other Financial Institutions

There are other types of financial institutions in Mexico that offer deposit and loan services, such as microfinance institutions, pawnshops, and finance companies.

Regulated by: Various government agencies depending on their type of activity

Services typically offered by other financial institutions include:

• Microfinance
• Pawnshops
• Finance companies

Examples: FINCA Mexico, Credijusto, Nacional Monte de Piedad

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