Mexico’s recently revamped competition authority is slated to review the nation’s banking sector, which has gone largely ignored by regulators for several years, according to reports.
Mexico’s federal Economic Competition Commission told reporters that one of its “top priorities is the financial sector” and that it will focus on “widening the market, making the pie bigger.” The remarks were made by the regulator’s head Alejandra Palacios.
According to reports, 45 banks comprise the nation’s banking industry, but only five of them control 72 percent of the market. Only two – Citigroup unit Banamex and BBVA Bancomer – control 38 percent of the market’s assets, reports say.
For comparison, the US banking industry comprises of 1,745 banks.
Mexico regulators have reportedly been preparing for five months to launch a formal inquiry into the financial industry and is expected to share its findings and recommendations to boost competition with Congress next month.
Full content: Wall Street Journal
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