Grupo Financiero Banamex S.A. de C.V. is the holding company of Banco Nacional de México, commonly known as Banamex. It has long been one of Mexico's largest banks. In August 2001, Citigroup acquired Grupo Financiero Banamex-Accival for approximately USD 12.5 billion. Following the acquisition, the bank operated as a Citigroup subsidiary and was rebranded as Citibanamex until 2025.
History
Banamex was formed on 2 June 1884 from the merger of two banks, Banco Nacional Mexicano and Banco Mercantil Mexicano, which had operated since the beginning of 1882.[3] The newly founded bank had branches in Mérida, Veracruz, Puebla, Guanajuato and San Luis Potosí, and opened a branch in Guadalajara. After the start of World War I, the French managers of the bank left Mexico. After 10 years, Agustín Legorreta Ramírez who served as acting president managed to revive the bank. Following its reorganization, the bank collaborated with Banco de Mexico and US government officials. By 1937, 36 out of 50 bank branches in Mexico were owned by Banamex.[3]