The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Mexico reaps the rewards and pays the price of US ties

Mexico has prospered through ever-closer links to the US, which has been the main market for its booming exports. Seven years on from its own crisis, Mexico now appears strong enough to shrug off any contagion from Argentina. The downside, though, is that Mexico will now suffer if the US economy goes into a deep and prolonged downturn. Faults in its economy may yet be revealed.

Mexico City: a boom town since entering
Nafta after the peso crisis

Alberto Gomez gazes from his glass-walled office at the manicured lawns of Mexico City's new financial district, Santa Fe. "It could be Houston, Texas, couldn't it," muses the chief economist at Banamex, Mexico's second-largest bank.

Against the mountain backdrop, elegant new skyscrapers glint in the sun. Gomez is beaming. He has just helped clinch Citigroup's $12.5 billion takeover of Banamex-Accival, or Banacci, as it's known. Concluded in May, this was the biggest corporate deal in Mexican history and the largest financial services acquisition in an emerging market.

The Santa Fe district was once a sprawling waste tip picked over for anything saleable by the poor. It's transformation is tangible evidence of the strides that the Mexican banking system and the economy as a whole have made after decades of financial crisis, including the catastrophic peso crisis in 1994.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree