Awards for Excellence 2009: Mexico
Best Bank: BBVA Bancomer
Mexico has had a tough 12 months. The economy shrank 5.9% in the first quarter of 2009 compared with the fourth quarter of 2008 – the steepest decline since the Tequila crisis in 1995. This translates as a quarter-on-quarter drop of 21.5%. Worse might still come. A dramatic drop-off in tourism, which earned Mexico $14 billion last year, is expected in the aftermath of swine flu.
As the banks prepare to struggle through a tough year, those that have provisions in place and stable earnings are likely to be the safer bets.