Numerous reforms in the past two decades have strengthened the regulatory framework and increased sophistication in Mexico's financial system. However, the banking sector is small and shallow: bank deposits, as well as credit to the private sector, represented less than 20% of GDP in 2013, which is one of the lowest levels in the region and well below those in Brazil (close to 50%) and Chile (over 80%).
Credit growth has recovered strongly in 2011-13 following a 2009 slump, when it briefly turned negative. Growth has been maintained at around 10-15% year on year during this time, a relatively robust and sustainable rate, which is in line with economic fundamentals, but still considerably lower than pre-crisis rates of over 20%. Continuing investment in the sector will provide a solid basis for a deepening of credit markets, especially once the recently passed financial reform is fully implemented.

Financial services report 2

Banks 3

Insurers 6

Asset managers 8

Financial markets and instruments 10

Financial regulation 13

Monetary and currency policy 15

Mexico at a glance 16

Fundamental indicators 17

Key contacts 18

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