Citibanamex

Banamex was formed on June 2, 1884 from the merger of two banks, Banco Nacional Mexicano and Banco Mercantil Mexicano, two banks that had operated since the beginning of 1882. In 1916, General Pancho Villa’s revolution interrupted the bank’s role as banknote issuer for the Porfirio Diaz regime. The bank was reorganized in 1926, becoming a financing bank and establishing the first agency of a Latin American bank in New York. Banamex gradually introduced several financial product innovations to the Mexican market including savings accounts (in 1929), personal credit lines (in 1958), credit cards (in 1968), and ATM banking (in 1972). In 1981, the California Commerce Bank was acquired by Banamex. In 1997 Afore Banamex was created to tap into the newly created private pension fund market. On August 6, 2001, Citigroup Inc. acquired Grupo Financiero Banamex-Accival for US$12.5 billion, which became Grupo Financiero Banamex. This was the largest-ever U.S.-Mexico corporate merger. Grupo Financ