Banamex for Sale: A Glimpse into its Historic Wealth
Editor's Note: This article was originally published in January 2022. An impressive collection of over 100,000 photographs, 2,000 coins, vintage banknotes, and a variety of historical documents is part of the heritage archive of Banamex in Mexico, which is now up for sale by the financial giant Citigroup. In a special tour for Expansión, Fernando Corona Torres, coordinator of the Citibanamex Historical Archive, shares details about the valuable assets held by the bank in a vault located in the heart of Mexico City.
The Historical Archive of the Bank of Mexico, founded in 1991, houses photographs, old documents, and even the first ATM that existed in the country. Citigroup announced on January 11, 2022, that it would sell its retail banking business in Mexico, along with its cultural heritage that includes historical sites. To appreciate the wealth of this bank's history, it is important to know that it wasn't always known as Banco Nacional de México (Banamex); its origins date back to the early 1880s when the government established the Banco Nacional Mexicano and four years later merged it with the Banco Mercantil Mexicano, which was supported by Spanish investments. This merger led to the creation of Banamex.
The Citibanamex Vault The vault has had various locations over the years and is currently situated on the second floor of the Palacio de Valparaíso, where it safeguards the bank's photographic, numismatic, and documentary archive. During the Porfirio Díaz era, the vault was used to protect clients' valuable items. The doors are made of steel, and each one weighs half a ton. The Panzer company, known for manufacturing tanks during World War II, built them, according to Fernando Corona Torres. This space must maintain controlled temperature and humidity to preserve the documents, which include iconic photographs such as the first board meeting. Numismatic Collection Fernando Corona Torres explains that the collection of banknotes and coins contains over 2,200 pieces, among which is the first banknote ever issued, marking a revolution as Mexicans were used to heavy silver or copper coins. The collection also includes banknotes from each state in the Republic and those that mining companies used to pay their workers. The value of these pieces is assessed every three to five years to track their appreciation. The First ATM In the late 1960s, the first credit cards began to be distributed, initially reserved for businesspeople, but eventually offered to individuals as well. This led to the installation of the first ATMs, with the first one in Plaza Satélite in May 1972, just one year after the mall's opening. Fernando Corona mentions that this ATM targeted the upper-class demographic of the area and its arrival revolutionized customer service by allowing 24/7 access. Visits to the Venue The archive located in the Palacio de Valparaíso receives over 200 visitors each year, including international students. It is accessible to researchers, students, and the general public, with free guided tours available Monday through Friday from 10:00 AM to 7:00 PM. To enter, individuals must present an official ID that proves their status as students or researchers. For research requests, an email outlining the purpose of the request should be sent to ahco@banamex.com.
The sale of Banamex's assets is not just a financial move, but also signifies the potential loss of an important part of Mexico's economic history. How these items are managed and valued could offer unique opportunities for collectors and researchers alike, highlighting the importance of preserving our economic history in a modern context. The dynamics of the market will also see the impact of this event on the asset evaluation of the banking sector in the country.
