Mexico is a Latin American Country

Mexico is a Latin American Country


Citigroup's acquisition of Banamex, Mexico's second-largest bank, is a historic event. It promises to transform Mexico's financial system in a way that the purchase of two local banks by BBVA and BSCH of Spain last year could not. Citigroup is the largest and most daring of the world's global financial groups. The Spanish banks are audacious and well-managed but they lack the breadth and experience, as well as the sheer size of Citigroup. At $12.5 billion, Citigroup's purchase of Banamex should be welcomed as a decisive vote of confidence in Mexico's future. But it is worth pausing to consider some of the pitfalls that may lie ahead. In spite of assertions by Sandy Weill, Citig

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