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Analysis

Period of reform: Several new initiatives will shape the economy for the medium term
OBG
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Having faced several financial crises in recent decades, Mexico has pursued a relatively prudent fiscal policy since the mid-1990s in a largely successful effort to sustain confidence in the country’s financial markets. While the government’s relatively low debt – at only 38.3% of GDP – would suggest that there is significant scope for fiscal stimulus, compared to other countries, this has…

Analysis

Changing the rules: Structural reform should go a long way towards tackling low credit penetration
OBG
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One of the most important structural reforms for Mexico’s banking sector is wide-ranging financial reform. Presented to Congress in May 2013, approved in November 2013 and promulgated in January 2014, the reform includes various bodies in the financial sector, such as banks, stock exchange intermediaries, investors, insurance companies, saving and loan unions, and politicians. The reforms addressed…

Analysis

Market shift: Financial societies adjust to the new regulatory environment
OBG
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An important component of the Mexican banking system is its multiple-purpose financial firms (Sociedades Financieras de Objeto Múltiple, SOFOM). Until July 2013, there were two types of financial societies, the other being for limited purpose (Sociedades Financieras de Objeto Limitado, SOFOLs). SOFOLs were created in 1993 and were specialised in granting loans to specific activities or sectors, such…

Analysis

Top of the heap: A breakdown of the leading players in the Mexican market
OBG
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Banking regulators in Mexico treat the seven largest of the 21 financial groups operating in the country as a distinctive group. The top seven include Spain’s BBVA Bancomer and Santander, Mexico’s Banorte and Inbursa, America Banamex (which has been controlled by Citigroup since 2001) HSBC and Canada’s Scotiabank. The list is made up of two Mexican and five foreign firms. Total Assets In December…

Analysis

Alsea: Food and beverages
OBG
plus

The Company Alsea (ALSEA) is a leading restaurant operator in Mexico and Latin America. It has a multi-brand portfolio including the operation of Domino’s Pizza, Starbucks, Burger King, Chili’s, California Pizza Kitchen, P.F. Chang’s, Pei Wei, Italianni’s and The Cheesecake Factory. Alsea’s business model includes backing for all of its business units through a shared services and support…

Analysis

Cemex: Cement
OBG
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The Company Cemex (CEMEXCPO), is a holding company primarily engaged in the production, distribution, marketing and sales of cement, ready-mix concrete, aggregates, clinker and other construction materials in more than 50 countries. The company is one of the largest cement groups globally, based on its annual installed cement production capacity of around 95m tonnes in 2012. Further, in addition to…

Analysis

Compartamos: Banking
OBG
plus

The Company Compartamos (GENTERA) is a microcredit bank and a leading provider of microfinance services, including loans, savings, insurance, methods of payment and financial literacy in Mexico. It is currently the largest institution in Latin America offering financial services to low-income clients. The group began operations in 1990, when Asociación Programa Compartamos was founded as a nongovernmental…

Analysis

Empresas ICA: Construction
OBG
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The Company Empresas ICA (ICA) is the largest infrastructure, engineering, procurement and construction company in Mexico. The firm operates in government priority sectors that support the country’s economic development. ICA owns the strongest operative structure among national infrastructure developers, which allows it to participate in a large number of major projects. ICA’s operations are divided…

Analysis

Genomma Lab Internacional: Pharmaceuticals
OBG
plus

The Company Genomma Lab Internacional (LABB) is one of the leading companies in Latin America focusing on pharmaceutical and personal care products. The group’s operations go across the supply chain, from design, product development and production to sales and marketing of a broad range of premiumbranded products. Many of these products are leaders in the categories in which they compete in terms…

Analysis

Grupo México: Mining
OBG
plus

The Company Grupo México (GMEXICOB) is primarily a mining company but also has operations in several different sectors and ranks among the most important mining companies in Mexico, Peru and the US. GMéxico has the largest copper reserves worldwide and is also the fourth-largest copper producer. Likewise, the company is a leader in low-cost production with fully integrated operations. However, GMéxico…