HSBC Mexico

HSBC México

Type	Subsidiary of HSBC Holdings plc
Industry	Finance and Insurance
Founded	1941
Headquarters	HSBC Tower, Mexico City, Mexico
Key people	Luis Peña Kegel (CEO)
Products	Financial Services
Employees	22,000
Parent	HSBC
Website	www.hsbc.com.mx

HSBC Tower

HSBC Mexico, S.A., the principal operating company of Group Financiero HSBC, S.A. de C.V., is one of Mexico’s four largest banking and financial service companies, with 1,400 branches and 5,200 ATMs. HSBC purchased Banco Internacional, S.A. known as Bital, in November 2002, several years after Bital participated in the controversial Fobaproa, which rescued the nation's banks from the 1994 crisis, at the cost of the Mexican taxpayers.

HSBC's Mexico headquarters are at Torre HSBC on the Paseo de la Reforma near the Angel of Independence in Colonia Cuauhtémoc, Cuauhtémoc, Mexico City.^[1] Around 2,800 staff work in the 40,000 m² tower.^{[citation needed]}

Bital joins the HSBC Group

HSBC Holdings plc acquired GF Bital on November 22, 2002.

Rebranding

First known as Banco del Atlantico during the 1980s and later changed to Bital. On January 29, 2004 the entire branch network of Bital (Banco Internacional) was rebranded as HSBC overnight. HSBC saturated newspapers, television and radio, purchased advertising space on every luggage trolley at Mexico City International Airport, on the sides of taxis, on buses, on the plastic bags in which newspapers are delivered, on flower stalls the side of tall buildings around Mexico City. That same day Bital customers received new credit cards with the HSBC logo and notification of changes to their account numbers.

HSBC logo

Mexican banking

Under the HSBC brand the bank maintains a network of around 1400 branches nationwide, with the longest opening hours (8AM-7PM) including Saturdays. An innovation brought to the Mexican market was the first fixed rate mortgage, which was an unusual product in Mexico, but was chosen to appeal to low-income customers concerned with the repossessions that followed the crisis of 1994-95.

ATM network

HSBC was the first Mexican bank to offer pre-approved personal loans via ATMs, and also has a program called "Niños con Futuro" which allows customers to make charitable donations via ATMs - this idea has since been taken up by HSBC Bank UK. HSBC Mexico also deploys advanced computerised modeling techniques to predict usage patterns for ATMs and ensure that they are best placed for usage and hence profit.

Pensions

On August 14, 2003 HSBC agreed to acquire AFORE Allianz Dresdner, S.A. de C.V., from the Allianz Group.

Other Mexican Operations

HSBC México, S.A. Institución de Banca Múltiple (Bank)
HSBC Seguros, S.A. de C.V. (Insurance)
HSBC Afore, S.A. de C.V. (Pension Fund)
HSBC Fianzas, S.A.
HSBC Casa de Bolsa, S.A. de C.V. (Stockbroker)
HSBC Operadora de Fondos, S.A. de C.V.

HSBC also has a 19.99 per cent stake in Financiera Independencia, S.A. de C.V. and its affiliate Serfincor, S.A. de C.V. which was acquired in the first half of 2006.

Regional Operations

As a principal member of the HSBC Group HSBC Mexico is responsible for other operations in the area, principally HSBC Bank (Panama) S.A., HSBC Colombia S.A. formerly Grupo Banistmo, HSBC Costa Rica through the acquisition of the local bank Banex, HSBC El Salvador by the acquisition of the local bank Banco Salvadoreño and HSBC Honduras through what was BGA.

See also

• HSBC Holdings plc

References

External links

• HSBC Bank Mexico

Bibliography

• HSBC Mexico website
• Financial Times article 'The difference a name makes', John Authers, 6 May 2004