Banamex to offer cross border account in May

Tuesday, April 22, 2003

Mexican bank Banamex plans to offer cross border checking accounts and other banking services to the Mexican community living in the US, local paper El Informador reported.

Banamex had originally planed to launch the product last year, but regulatory issues delayed the start date. The cross border account will actually be two accounts: one in Mexico and the other in the US.

"We link the two accounts through electronic transfers without the need for the client to do anything. The family in Mexico can have one and he can have the other," Banamex director Manuel Medina was quoted as saying by the paper.

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Mexicans living in the US can open an account through Banamex's sister company Citibank with a consular ID card. Citigroup acquired Banamex in 2001 for about US$12.5bn.

Banamex and its archrival BBVA Bancomer have been very aggressive in tapping the US-Mexico remittance market, which last year handled funds worth US$10bn.

Banamex has about 12 million clients in Mexico and vies for first place with BBVA Bancomer.