Banamex and Its Valuable Heritage
Citigroup has put up for sale an impressive collection that includes over 100,000 photographs, 2,000 coins, antique banknotes, and numerous historical documents that make up the historical archive of Banamex in Mexico. During an exclusive visit for Expansión, Fernando Corona Torres, who coordinates the Citibanamex Historical Archive, shared details about the treasures stored in a vault located in the Historic Center of Mexico City.
#InPhotos The Citibanamex Historical Archive Citibanamex safeguards a vast collection of documents, photographs, and historical records. The vault doors are incredibly heavy, weighing a ton each! These doors were made by a company that specialized in manufacturing war tanks. The bank has carefully preserved a significant collection of photographs. Among its historical photos is the first meeting of the Board of Directors. The oldest images show how the bank operated in its early days. These photos date back to the first CEO of the National Bank of Mexico, Agustín Legorreta. The first ATM was installed in Plaza Satélite, located on the outskirts of the city. This image represents the bank's initial shares. The first series of banknotes issued in Mexico.
The archive of the National Bank of Mexico, founded in 1991, includes photos, old documents, and even the country’s first ATM. Citigroup announced on January 11, 2022, its decision to sell its retail banking business in Mexico, along with its cultural heritage that includes historic venues. To understand the significance and value of this bank's history, it's important to know that it wasn't always known as National Bank of Mexico (Banamex). Its origins date back to the early 1880s when the government created, through concession, the Mexican National Bank, which later merged with the Mexican Mercantile Bank, operating with Spanish investments, thus giving rise to Banamex.
Features of the Citibanamex Vault The vault has changed locations over the years and is currently situated on the second floor of the Palacio de Valparaíso, where the complete photographic, numismatic, and documentary archive of the bank is preserved. During the Porfirio Díaz era, this vault was used to store valuable items for clients. The heavy steel doors weigh around half a ton and were constructed by Panzer, a company known for its production of war tanks during World War II, as explained by Fernando Corona Torres. This facility must maintain specific temperature and humidity conditions to ensure the preservation of documents, which include historical photographs such as the first Board of Directors meeting and records of the bank's first CEO. Numismatic Collection Fernando Corona Torres notes that the collection of coins and banknotes exceeds 2,200 pieces. Among them is the first banknote, which represented a breakthrough for citizens accustomed to using heavy silver or copper coins. Also noteworthy are the banknotes corresponding to each state in the Republic, as well as those that mining companies used to pay their workers. The value of this collection is assessed every three to five years to monitor its evolution. It also includes the first shares issued by the bank. The First ATM In the late 1960s, the first credit cards began to be distributed, initially only for business owners; however, over time, access expanded to individual consumers. The bank began implementing the first ATMs, with the first one being installed in Plaza Satélite in May 1972, just a year after the shopping center opened. Fernando Corona points out that this ATM aimed to cater to the upper class in the area, and its arrival transformed customer service by offering 24-hour availability. How to Visit the Venue? The archive at the Palacio de Valparaíso welcomes over 200 visitors each year, including international students. It can be consulted by researchers, students, and the general public. Guided tours are available for free from Monday to Friday, from 10:00 AM to 7:00 PM. To enter, it’s necessary to present an official identification that validates your status as a researcher or student, along with your INE. If you wish to conduct research, you must send an email to ahco@banamex.com indicating the purpose of your investigation.
The importance of preserving and valuing the historical and cultural heritage of financial institutions goes beyond nostalgia; it reflects the evolution of the economic system and its interconnection with society. These archives are not only witnesses to the country’s economic history, but they also possess intrinsic value that can be appreciated over time. Considering investment in such collections can be an interesting strategy for those looking to diversify their portfolios in the realm of tangible assets.
