Mexico
Banking sector profile — Americas
Data as of September 2026 • TGB Intelligence Unit
Banking sector at a glance
Structure and performance
Mexico's banking system comprised 51 commercial banks and six state-owned development banks at the end of 2025, with commercial bank assets of Ps15.6tn (about US$867bn), equivalent to roughly 47% of GDP and shallow by regional standards. Concentration is marked: according to CNBV data, BBVA México held 22% of commercial banking assets, Santander and Banorte 13% each, Banamex 7%, and HSBC and Scotiabank 6% each. Foreign-owned institutions remain prominent, and 25 of the 51 commercial banks, including eight of the ten largest, belong to financial groups.
Loans totalled Ps8.2tn and deposits Ps9.6tn in December 2025. Deposits grew 17.4% during 2025, far outpacing loan growth of 6.6%, so the system is predominantly deposit-funded. Commercial loans make up 47% of the portfolio and mortgages 18%, while lending growth has concentrated in higher-margin consumer segments such as payroll and auto loans. Profitability at the top of the market is high: BBVA México, the market leader, reported 2025 net income of Ps116.4bn and a return on equity of 26.6%, and held 25.6% of system credit.
Asset quality and capital are sound. The system non-performing loan ratio was 2.17% in 2025, and loan-loss coverage has stayed above 145% since 2020, according to the CNBV. Banks must hold a total capital ratio of at least 8% plus a 2.5% conservation buffer, with additional surcharges and TLAC for domestic systemically important banks and a countercyclical buffer. Large banks operate with ample headroom; Grupo Financiero BBVA México reported a capitalisation index of 20.15% at end-2025. Liquidity requirements, including a liquidity coverage ratio, have applied since 2015.
Financial inclusion remains the structural weakness: only 53% of adults held an account in 2024. Banxico lowered its target rate to 6.50% in May 2026 and held it through September, while trade uncertainty with the United States weighs on activity. Competition is intensifying from digital players such as Nu, Mercado Pago, Revolut and Hey Banco, and Banamex is moving to broad-based ownership as Citi sells down its stake. Key risks are weak growth, consumer credit quality and trade-related stress in manufacturing and export sectors.
Structural trends
The shifts shaping banking in Mexico.
Easing paused: Banxico cut its target rate to 6.50% by May 2026 and held it in June, August and September as headline inflation rebounded to 3.42% in early September.
Banamex separation: Citi sold 25% of Grupo Financiero Banamex to Fernando Chico Pardo's family vehicle in December 2025 and agreed in February 2026 to sell a further 24%.
Digital competition: 62 payment and 27 crowdfunding fintechs had been authorised under the 2018 FinTech Law by early 2026, alongside digital banks such as Revolut and Hey Banco.
Deposit-led growth: commercial bank deposits grew 17.4% in 2025 to Ps9.6tn, far outpacing loan growth of 6.6%, which left loans at Ps8.2tn.
Leading institutions
Largest banks in Mexico by total assets.
| # | Bank | Total assets (US$) | Type |
|---|---|---|---|
| 1 | BBVA México | US$218.7bn | Universal |
| 2 | Banorte | US$144.5bn | Universal |
| 3 | Santander México | US$115.2bn | Universal |
| 4 | Banamex | US$75.2bn | Universal |
| 5 | HSBC México | US$51.0bn | Commercial |
| 6 | Scotiabank México | US$49.6bn | Commercial |
| 7 | Inbursa | US$46.9bn | Commercial |
| 8 | Citi México | US$32.3bn | Commercial |
Total assets at 31 December 2025, converted at Ps18.0012/US$: financial-group consolidated statements (BBVA México, Banorte, Banamex, HSBC México, Inbursa); CNBV bank-level data for Santander México, Scotiabank México and Citi México
Supervision and capital rules
The CNBV licenses and supervises banks under the Credit Institutions Law, Banxico conducts monetary policy and oversees payment systems, and the Ministry of Finance (SHCP) sets financial policy and evaluates banks' lending performance. Basel III capital rules took effect on 1 January 2013, and liquidity requirements from 2015. Banks must maintain a total capital ratio of at least 8% plus a 2.5% conservation buffer, with systemic surcharges and TLAC for D-SIBs and a countercyclical buffer. The IPAB insures deposits up to 400,000 UDIs per person per bank and acts as receiver in bank liquidations. The 2018 FinTech Law created licensing regimes for payment and crowdfunding institutions, and several fintechs have sought full banking licences.
What changed in 2026
- In February 2026 Citi agreed to sell a combined 24% of Grupo Financiero Banamex to investors including General Atlantic, Blackstone-managed funds and the Qatar Investment Authority.
- In March 2026 Banxico cut its target rate by 25bp to 6.75%, followed by a further cut to 6.50% in May.
- In April 2026 Banamex established a US$3.5bn notes programme for senior, subordinated and perpetual issuance.
- In September 2026 Banxico held its target rate at 6.50% after the US Federal Reserve raised rates.
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