- BBVA México remains the largest financial institution in the country, accounting for 22.3% of the total Mexican banking system.
- Eight financial institutions hold more than 75% of the total assets of the banking system, which is made up of 51 entities.
Throughout 2024, four banking institutions reaffirmed their positions as the largest in the country in terms of assets: BBVA, Santander, Banorte, and Banamex, ranking first through fourth in the financial sector, respectively.
In recent years, the list of leading entities in the sector has seen few changes. However, the following points stand out:
- The growth of BBVA, which had assets of 2.06 trillion pesos in 2018 and closed 2024 with 3.38 trillion, representing an increase of 1.32 trillion over six years.
- Santander, on the other hand, reached the historic figure of 2 trillion pesos in assets by the end of last year, consolidating its position in the second spot in the market.
- Likewise, in December 2024, Citi México, already operating independently after its separation from Banamex, began operations in eighth place in the banking ranking.
According to data from the CNBV (National Banking and Securities Commission), BBVA México remains, by far, the largest financial institution in the country and the primary engine for the Spanish group’s operations in the region. With 3.38 trillion pesos in assets, it represents 22.3% of the total of the Mexican banking system.
Santander, in second place, represents 13.19% of the market. In 2018, the institution had 1.35 trillion pesos, which means a growth of approximately 650 billion pesos over six years.
Banorte closed 2024 with assets of 1.83 trillion pesos (12.06% of the total), up from 1.18 trillion six years ago.
In fourth place is Banamex, which, after its separation from Citi, now has assets of 1.05 trillion pesos, representing 6.96% of the total financial system. Although it has lost ground compared to its main competitors, it remains among the most relevant banks in the country. By December 2024, its asset share had noticeably decreased due to its separation from Citi, which is part of a planned sale process for this year in the securities market.
Among the seven largest banks in the country, known as the G-7 and considered of local systemic importance, are HSBC, with 936.41 billion pesos in assets (6.16% of the total); Scotiabank, with 918.58 billion (6.04%); and Inbursa, with 679.63 billion (4.47%).
In December 2024, Citi México entered the ranking with assets valued at 641.51 billion pesos, concentrating 4.22% of the total of the banking system. This new entity will operate in the corporate banking segment, while Banamex will focus on business and consumer sectors.
Together, these eight financial institutions account for more than 75% of the total assets in the banking system, which comprises 51 entities as of December.
New players and investments
Currently, the Mexican banking system has 51 operational entities, but it could expand in the short term with the inclusion of new participants. There are several ongoing applications for banking licenses, primarily from tech companies like Nu and Mercado Pago.
In terms of investments, it was revealed that Banco Santander will invest more than 2 billion dollars in Mexico to support the launch of Openbank, the group’s 100% digital bank, in the country.
“Mexico is the country with the greatest growth potential for us. It is one of the countries where we have invested the most in recent years and where we will continue to invest going forward,” said Ana Botín, the bank’s president, at a press conference in Mexico City. This news comes after Botín met with Mexico’s President Claudia Sheinbaum earlier this week.