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HSBC doubles down in Mexico as Citi leaves consumer banking

The bank is focusing on organic growth by acquiring retail clients and launching a private bank.

HSBC in Mexico City. Photo: iStock

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. "The economy is thriving as it comes out of the pandemic, the FX is performing strongly and we see a strong outlook for GDP growth driven by – among other things – marked increase in investment by our commercial partners due to the near-shoring phenomenon.

We want to understand how best to join forces with fintech companies that have rapid growth based on large data and analytics
Pablo Elek, HSBC Mexico

“As a bank, we also continue to invest in Mexico.

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