PUERTO VALLARTA (PVDN) – Major shake-up in Mexico’s banking scene! American Express drops its banking license to focus solely on its credit card services. How will this dramatic shift impact their Mexican customers? Uncover the behind-the-scenes reasons and what this means for you right here!
In a significant shift, American Express has ceased to operate as a bank in Mexico. This comes after the Ministry of Finance and Public Credit (SHCP) and the National Banking and Securities Commission (CNBV) approved the revocation of the financial institution’s multiple banking license, following a request submitted by the company in October 2022.
The announcement, published in the Official Gazette of the Federation (DOF), revealed that American Express Bank (Mexico) had requested the revocation of its authorization to organize and operate as a subsidiary multiple banking institution. Despite the change, the company ensured that its credit card and other services will continue to operate in the country, now under the banner of American Express Company.
Since launching its first credit card in Mexico in 1963, American Express has expanded its financial services in the country to include a range of credit offerings for use abroad and in exclusive stores. The company has also fostered partnerships with leading insurance providers such as Zurich, Axa, Chubb, and Buppa, covering sectors like health, travel, real estate, and personal belongings.
In an interview with EL FINANCIERO, Santiago Fernández, president and CEO of American Express in Mexico, reassured customers that the transition would not affect their services. He explained that the reorganization under the same legal entity, American Express Company México, will foster internal synergies and enhance efficiency and agility in service delivery.
