Tuesday, August 31, 2010

#417 Mexico...Thanks Monica!

These 3 stamps were issued in 2009 celebrating 125 Anniversary of Banco Nacional de México or Banamex, Mexico's second largest bank.The Banamex Financial Group was purchased by Citigroup in August 2001 for $12.5 billion USD. It continues to operate as a Citigroup subsidiary.

Banamex was formed on June 2, 1884 from the merger of two banks, Banco Nacional Mexicano and Banco Mercantil Mexicano, two banks that had operated since the beginning of 1882. The newly founded bank had branches in Mérida, Veracruz, Puebla, Guanajuato and San Luis Potosi, and opened a branch in Guadalajara.

In 1916, General Pancho Villa’s revolution interrupted the bank’s role as banknote issuer for the Porfirio Diaz regime.

The bank was reorganized in 1926, becoming a financing bank and establishing the first agency of a Latin American bank in New York.

Banamex gradually introduced several financial product innovations to the Mexican market including savings accounts (in 1929), personal credit lines (in 1958), credit cards (in 1968), and ATM banking (in 1972).

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