Best bank - Bancomer
Best local partner - Banorte
Best debt house - JPMorgan
Best equity house - JPMorgan
Best M&A house - JPMorgan
In Mexico, as in Brazil, there was a tight three-way race for best bank this year. We mentioned last year that Banamex would face much tougher competition if its Santander-owned rivals, Banco Santander and Serfín merged, and that's precisely what happened. The merged bank, Santander Serfín, is still not nearly as big as Banamex and Bancomer but at least now it looks as though the three are competing on the same playing field. Santander Serfín is easily the most profitable bank in Mexico in terms of return on equity. It increased its customers by 320,000, or 13.2%, in 2002.
The two biggest banks, however, continue to dominate the market. Banamex is the biggest in the country. It contributed $1.2 billion to Citigroup's bottom line in 2002. It's a formidable opponent, especially with the clout of Citibank behind it, and will be the bank to watch next year.
In 2003, however, the best bank award goes to Bancomer, Banamex's great rival, because Banamex posted a loss for the year while Bancomer made a profit of $516 million.