Mexico's Hot Banks
Mexico is the most active market for mergers and
acquisitions in Latin America's banking industry. The country
accounts for half the transactions in the region in the last 12
years. Latin America has seen $66.65 billion in bank M&A
transactions since 1990. Today, nearly all of Mexico's banks
are owned by international banks. Citibank's 2001 acquisition
of Banamex, Mexico's second-largest bank, for $12.50 billion
was the largest such deal in the region. In August 2002, the
U.K.'s HSBC took over Bital, Mexico's fourth- largest bank, in
a deal worth $1.14 billion. Spain's two largest banks, Banco
Santander Central Hispano and Banco Bilbao Vizcaya Argentaria
own Mexico's other top banks. In Brazil, Latin America's
biggest banking market, most M&A transactions now involve
foreign banks selling to local acquirors. In November, Brazil's
Banco Itaú bought up BBA Creditanstalt, a São
Paulo wholesale bank, for $930 million. ...
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