Banco Nacional de Mexico's Ratings Affirmed By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--December 7, 2001 Fitch, the international rating agency, has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. Banco Nacional Banco Nacional was a bank from Brazil. It was taken over by Unibanco in 1995. The Nacional brand is better known as main sponsor of Ayrton Senna during most of his racing career in Formula 1 (1985-1994). de Mexico's (Banamex) foreign currency Short-term 'B', Long-term 'BB+' (Rating Outlook Positive), local currency Short-term 'F2', Long-term 'BBB', Individual 'C' and Support '3T' ratings. Banamex's ratings are based on its predominant position within the country's financial system, its significant deposit market share and the potential support it would receive from Citigroup, should it be required. Its Individual rating reflects a marked improvement in asset quality, adequate capital base and good profitability within a difficult operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . The bank's foreign currency ratings are constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by the sovereign ceiling. Banamex was Mexico's second largest commercial bank ranked by total assets at end-June 2001. It offers a wide range of commercial, retail and investment banking services through its extensive national network of over 1,300 branches. Whilst Banamex was 100%-owned by Grupo Financiero Banamex-Accival (Banacci), a leading Mexican financial group, in August 2001 this was acquired by Citigroup of the US, which now holds a 99.9% stake. Citigroup is in the process of integrating its Mexican banking operations, Citibank Mexico, into Banamex. This process is expected to be finalized See finalization. in early 2002 and management of the new institution will be largely based on that of Banamex. Although the name of the bank will remain the same, Banacci has been renamed Grupo Financiero Banamex Grupo Financiero Banamex has its origins and is the owner of Banco Nacional de México or Banamex, Mexico's second largest bank behind BBVA Bancomer. The Banamex Financial Group was purchased by Citigroup in August 2001 for $12.5 billion USD. . Banamex has significant investments in Banco Bansud of Argentina (60%) and California Commerce Bank of the US (100%), which are in the process of being restructured to fit Citigroup's global strategy. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion