Banamex Returns to its Competition

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The financial group is recovered from the slowdown of 2014 and increases its profit by 28% per annum; the bank maintained its leadership in personal loans and grew a lot in the business segment.

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Banamex says it has returned to competition. The financial group lived in 2014 a screeching halt its business in important segments such as credit companies. The reasons were internal problems and the corporate restructuring that followed the announcement of the fraud allegedly committed the oil services company Oceanography, which caused losses to the bank’s parent, Citigroup, for several hundred million dollars.

Now, after a process of strengthening controls and management changes – including former CEO Javier Arrigunaga – the company presented results that show the return to growth Thursday.

In 2015, Grupo Financiero Banamex posted a net profit of 18.142 billion pesos, 28% higher than the same period last year. Net interest income grew 6%, due to higher business volumes, in both loans and deposits. All this even though he had a difficult last quarter, which reported a drop in profit of 31%.

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“The events of 2014 caused a pause in our growth, which obviously took other banks as banking competition in Mexico is extremely intense. But this year’s return Banamex in the market in general is a really strong return, for example in the segment business, “said Ernesto Torres Cantu Expansion, CEO of the group, which took office in October 2014.

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