July 1, 2006
Sleek and modern is the name of the game.Grupo Financiero Ixe is an anomaly in the Mexican banking universe. It is small, domestically owned and renowned for friendly and efficient service. Rising from the ashes of the 1995 economic meltdown, it has established itself as a formidable niche player, chipping away at the businesses of far larger competitors. The ground covered is impressive considering that outfits like HSBC boast more than 11 employees for every one of Ixe's 1,850 staff members. Ixe management has completed a two-year buying spree that gives the company, which already has a strong brand image, a broader service offering to cross sell to its high-income customer base.
As large multinational banks scrap it out in Mexico, homegrown niche players like Ixe are finding that being small and nimble gives them a leg up.