While there is doubt over the future ownership of Citi’s Mexican retail operation, HSBC continues to invest in its ambitious expansion plans for the country.
Pablo Elek, head of wealth and personal banking for HSBC Mexico, tells Euromoney that the country is betting on the country’s growing economy and banking sector for organic growth.
Mexico is becoming increasingly important for the universal bank, and is now its fourth largest market in revenue terms, up from 16th in 2015 – a jump that is partly attributable to HSBC’s divestiture from many smaller regional markets.
“Mexico is a scale market, which is always really important,” Elek says.
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