HSBC is increasing its investment in Mexico, viewing the country's expanding economy and banking sector as a key driver for growth. This strategic move follows Citigroup's planned departure from the Mexican consumer banking market.
Mexico's importance to HSBC has risen dramatically; it is now HSBC's fourth-largest market by revenue, a considerable increase from its 16th-place ranking in 2015. This growth is partly due to HSBC's strategic divestment from smaller regional markets.
HSBC Mexico's head of wealth and personal banking, Pablo Elek, emphasizes the bank's focus on organic growth within the Mexican market.
The future ownership of Citigroup's Mexican retail operations remains uncertain, creating additional opportunities for expansion in the market.
While there is doubt over the future ownership of Citi’s Mexican retail operation, HSBC continues to invest in its ambitious expansion plans for the country.
Pablo Elek, head of wealth and personal banking for HSBC Mexico, tells Euromoney that the country is betting on the country’s growing economy and banking sector for organic growth.
Mexico is becoming increasingly important for the universal bank, and is now its fourth largest market in revenue terms, up from 16th in 2015 – a jump that is partly attributable to HSBC’s divestiture from many smaller regional markets.
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