Bloomberg News

Citigroup’s Banamex Sees Outstanding Loan Growth of 20% in 2012

March 23, 2012

Banamex, Citigroup Inc. (C)’s Mexican unit, sees outstanding loans growing more than 20 percent this year driven by loans to businesses.

“Lending to companies and people looks very good, in practically all products,” said Ernesto Torres Cantu, chief executive officer of Banamex’s banking operations. “We see enormous dynamics in companies.”

Banamex, Mexico’s second largest bank by outstanding loans, has credit with only 15 percent of the businesses that are clients, Torres Cantu said in an interview after participating in a Bloomberg CEO roundtable discussion in Mexico City today.

The bank’s outstanding loans totaled 399 billion pesos ($31.3 billion) as of January, according to data compiled by the National Banking and Securities Commission. That’s an increase of 22 percent from a year earlier.

Banamex seeks to offer financial services to Mexicans that don’t yet have an account, which is estimated to be 55 percent to 65 percent of the nation’s population of about 112 million, Torres Cantu said.

“This growth of attracting the rest of the population and giving them financial services is perhaps our biggest priority,” Torres Cantu said.

To contact the reporter on this story: Jonathan Roeder in Mexico City at

To contact the editor responsible for this story: Jose Enrique Arrioja at

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