In May, the National Banking and Securities Commission (CNBV) released a list of the seven largest banks in Mexico, whose size is of systemic importance.
Every year, the banking regulator analyzes all the banks operating in Mexico and selects them according to their size.
Why are they systemically important banks?
“Local systemically important institutions are those whose potential failure could affect the stability of the financial system or the country’s economy,” says the CNBV.
By law, all banks in Mexico must have a capitalization ratio of 10.5%, according to Basel regulations, but these seven banks must have an additional capital conservation supplement ranging from 0.6% to 1.50%.
These are the 7 systemically important banks
The CNBV Board of Governors, in a meeting held on April 30, 2024 and with information as of the end of December 2023, approved the evaluation and determined that these are the systemically important banks:
- BBVA México
- Santander
- Banamex
- Banorte
- Scotiabank
- HSBC México
- Inbursa
What happens to my money if a bank goes bankrupt?
The money of bank clients is protected up to 400,000 UDIS (approximately 3.2 million pesos), this means that it is the maximum amount of money that will be returned to you.
Therefore, it is recommended that if you have more than that amount, you distribute it among other banks.
Source: expansion
