From The Report: Mexico 2014
View in Online Reader

Mexico’s banking system has been experiencing a period of stability unseen in its recent history. With sound and well-capitalised banks, the task now seems to be improving Mexico’s low banking and credit penetration. Domestic credit as a proportion of GDP stood at 47% in 2013, according to the World Bank, well below the average of 75% for Latin America and lower than Brazil (111%), Chile (108%) and Colombia (73%). Commercial banks hold 51.7% of assets in the financial system, with total assets reaching $505.05bn in December 2013, 8.8% above the $466.89bn in December 2012. Credit was the most important contributor to assets, accounting for 46% of the total, or $235.4bn. Following a financial reform in early 2014, significant changes to the system are expected over the next few years. This chapter includes an interview with Alejandro Valenzuela del Río, CEO, Grupo Financiero Banorte.