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 The timeline below represents the history of this business until it became a part of the Citigroup family. Banco Nacional de Mexico (Banamex), with assets of 20 million pesos, was created on June 2, 1884, with the merger of Banco Nacional Mexicano and Banco Mercantil Mexicano, two banks that had operated independently since the beginning of 1882. The new bank had branches in Mérida, Veracruz, Puebla, Guanajuato and San Luis Potosi, and opened a branch in Guadalajara. For the next thirty years, the bank performed as both commercial bank and national bank, authorized by Mexico’s government to print currency, collect taxes and to foster private businesses in the country. Throughout its 118-year history, today's Grupo Financiero Banamex-Accival ("Banacci"), representing a legacy of consolidated prestige and exceptional tradition, has stayed in the forefront of Mexico's banking industry. Citigroup Inc.'s landmark acquisition of Grupo Financiero Banamex (Banacci) in 2001, and the subsequent combination of Citigroup's Mexican operations under the Banamex brand, underscored Latin America as a key element of Citigroup's global market plan. Today, the bank operates more than 1,427 branches and 4,492 ATMs in the main towns and cities of all the states of the Mexican Republic. 1882 Banco Nacional Mexicano and Banco Mercantil Mexicano are founded. 1884 On June 2, Banco Nacional de Mexico (Banamex) is formed with the merger of Banco Nacional Mexicano and Banco Mercantil Mexicano. 1916 General Pancho Villa’s revolution interrupts the bank’s role as banknote issuer. 1926 After a reorganization, Banamex becomes a financing bank. It establishes the first agency of a Latin American bank in the United States, in New York. 1929 Banamex introduces savings accounts to the Mexican market. 1935 The bank introduces fiduciary services. 1947 Self-banking services introduced to the Mexican market. 1958 Personal lines of credit introduced. 1968 The Banamex Credit Card is introduced. 1972 ATM banking is offered to the Mexican banking public. 1981 California Commerce Bank is acquired by Banamex. 1982 - 1990 Banamex operates as a national credit association. 1986 Cuenta Maestra Account debuts with success. 1991 Banamex is reprivatized and establishes Grupo Financiero Banamex–Accival with the investment bank Acciones y Valores de México (Accival). 1992 Banking in supermarkets is introduced. Fomento Social Banamex is founded. 1994 Mi Cuenta and Cuenta Básica Banamex accounts, for children and youngsters, are introduced to the market. 1997 Afore Banamex is created. 2001 August 6: Citigroup Inc. acquires Grupo Financiero Banamex-Accival for $12.5 billion, which becomes Grupo Financiero Banamex, the largest-ever U.S.-Mexico corporate merger. Less than six months later, an integrated Citibank Mexico and Banamex begins operating under the Banamex brand name. |