HSBC Mexico
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| Subsidiary of HSBC Holdings plc | |
| Industry | Finance and Insurance |
| Founded | 1941 |
| Headquarters | HSBC Tower, Mexico City, Mexico |
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Key people
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Luis Peña Kegel (CEO) |
| Products | Financial Services |
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Number of employees
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22,000 |
| Parent | HSBC |
| Website | www |
HSBC Mexico, S.A., the principal operating company of Group Financiero HSBC, S.A. de C.V., is one of Mexico’s four largest banking and financial service companies, with 1,400 branches and 5,200 ATMs. HSBC purchased Banco Internacional, S.A. known as Bital, in November 2002, several years after Bital participated in the controversial Fobaproa, which rescued the nation's banks from the 1994 crisis, at the cost of the Mexican taxpayers.
HSBC's Mexico headquarters are at Torre HSBC on the Paseo de la Reforma near the Angel of Independence in Colonia Cuauhtémoc, Cuauhtémoc, Mexico City. Around 2,800 staff work in the 40,000 m² tower..
In US Senate Permanent Subcommittee on Investigations in July 2012 accused HSBC of breaching safeguards that should have stopped the laundering of money from Mexico. HSBC agreed to pay a 1 Billion dollar fine and separate itself from former executives Sandy Flockhart and Michael Geoghegan
HSBC Holdings plc acquired GF Bital on November 22, 2002.
First known as Banco del Atlantico during the 1980s and later changed to Bital. On January 29, 2004 the entire branch network of Bital (Banco Internacional) was rebranded as HSBC overnight. HSBC saturated newspapers, television and radio, purchased advertising space on every luggage trolley at Mexico City International Airport, on the sides of taxis, on buses, on the plastic bags in which newspapers are delivered, on flower stalls the side of tall buildings around Mexico City. That same day Bital customers received new credit cards with the HSBC logo and notification of changes to their account numbers.
Under the HSBC brand the bank maintains a network of around 1400 branches nationwide, with the longest opening hours (8AM-7PM) including Saturdays. An innovation brought to the Mexican market was the first fixed-rate mortgage, which was an unusual product in Mexico, but was chosen to appeal to low-income customers concerned with the repossessions that followed the crisis of 1994-95.
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Wikipedia