Best bank 2025: BBVA
BBVA has demonstrated outstanding performance, leveraging digital technologies to streamline operations and enhance customer service. The bank expanded its customer base to over 34 million and grew its loan portfolio by 15.8%, consolidating a market share of more than 25%, the highest in the country.
BBVA’s digital transformation continues to set the benchmark, with 76.2% of its customers using mobile banking and 70% of all transactions conducted digitally. The bank’s Banco de Barrio programme has banked over 400,000 microenterprises since 2020, while its SME loan portfolio grew 21.4% in 2024.
Key innovations included the launch of BBVA AutoMarket for used car financing, a strategic alliance with BYD to promote electromobility, and the creation of BBVANSH, a nearshoring-focused investment fund. BBVA also enabled cardless cash withdrawals at 22,000 OXXO stores and introduced Apple Pay for its customers.
Financially, BBVA posted a net income of Ps107.4 billion ($5.7 billion), with strong growth in net interest and fee income. With a non-performing loan ratio of just 1.6% and a capital ratio of 18.7%, BBVA remains the most profitable and resilient bank in Mexico.
Best investment bank 2025: BBVA
BBVA has a strong recognition of its comprehensive leadership across M&A, equity capital markets, debt capital markets, syndicated loans and project finance. As the country’s largest lender, with the most extensive corporate client base, BBVA continues to deliver innovative, high-impact financial solutions tailored to Mexico’s evolving economic landscape.
In debt capital markets, BBVA led numerous landmark transactions, including benchmark bond issuances for América Móvil, Cemex, Sigma Alimentos, and Autovía Necaxa-Tihuatlán. It also structured a significant post-election deal for Engencap, reinforcing its ability to navigate market volatility. BBVA’s sustainability expertise was evident in its advisory roles for Arca Continental’s sustainability-linked bond and its support for Pemex and CFE in ESG strategy, reporting and impact frameworks.
In syndicated lending, BBVA led complex, multi-currency facilities for Cinepolis, Orbia, Aeritek, and Aeromexico, showcasing its structuring capabilities and cross-border coordination. The bank also supported strategic refinancing for Televisa and acquisition financing for Mill Point Capital’s entry into Mexico.
BBVA’s project finance team played a central role in Mexico’s largest power sector transaction of the decade – supporting the acquisition of 13 power assets by Mexico Infrastructure Partners. It also helped finance the Cuxtal II natural gas pipeline expansion and the Circuito Exterior Mexiquense toll road project.
With the largest investment banking team in Mexico and a consistent record of execution, BBVA continues to set the benchmark for excellence. Its multi-product approach, deep market insight and commitment to sustainability have made it the trusted partner for corporates, institutions, and government entities alike.
Best investment bank for ECM 2025: Santander
Santander’s comprehensive approach has facilitated several pioneering transactions supporting key industries and market innovation in Mexico.
Santander’s ECM team played a pivotal role in several landmark deals. It acted as structuring agent and lead bookrunner in the follow-on offering of FIBRA E (Energy and Infrastructure Investment Trust) certificates by Xinfra.
The bank also led the global follow-on offering of Fibra Monterrey, significantly improving the instrument’s trading liquidity. Additionally, Santander served as global coordinator in the US IPO of Auna, the first Latin American healthcare company listed in the US since 2018.
In the alternative instruments space, Santander led the Beel Infrastructure CKD and structured a public equity vehicle for StepStone, tailored to private banking clients.
Santander also concluded the delisting tender offer of Aleatica, completing a long-term strategic mandate. It supported the equity placement for a second infrastructure fund distributed to Mexican pension funds, reinforcing its role in institutional capital mobilisation.
Best bank for large corporates 2025: HSBC México S.A.
HSBC México S.A. (HBMX) has firmly established itself as Mexico’s leading bank for large corporates through innovative financial strategies, unmatched global reach and a strong focus on sustainability.
As the only global universal bank in Mexico, HSBC delivered an above-average performance in 2024, growing deposits, assets and domestic business in the double-digit range, while supporting clients across strategic corridors like Mexico-US and Mexico-EU.
The bank executed multiple landmark transactions across capital markets, syndicated lending and sustainable finance. It led transformative deals including Auna’s $360 million IPO on the NYSE – the first for a Latin American healthcare provider since 2018 – and Grupo Carso’s PS10 billion ($537 million) bond issuance, its largest to date.
HSBC pioneered Mexico’s first sustainability-linked standby letter of credit, launched gender-focused supplier finance with Cemex, and introduced venture debt facilities for startups like Jüsto and Zebrands. These innovations reflect a deep commitment to inclusive growth and net-zero transition.
With unmatched global reach, sector expertise and a bold sustainability agenda, HSBC México is a strategic force shaping the future of Mexico’s large corporate landscape.
Best bank for SMEs 2025: Banorte
Banorte has had a significant role in bolstering the Mexican small and medium enterprises (SME) sector, which is pivotal for the country’s economic framework.
A standout initiative in 2024 was the launch of Mujer PyMe, a comprehensive package offering preferential credit and transactional services for women-owned SMEs. In just six months, Banorte supported 372 female entrepreneurs with Ps696 million ($37.37 million) in financing – demonstrating its dedication to financial inclusion and gender equity.
Banorte also introduced Banorte Conmigo, a low-interest credit card designed for underserved segments, and enhanced its digital onboarding with biometric verification, enabling faster, more secure access to financial services. Its virtual assistant Maya and AI-driven foreign trade document review further streamlined SME operations.
With a 15% market share in loans and 14% in deposits, Banorte’s SME portfolio saw double-digit growth across commercial, consumer and government segments. Backed by a robust digital infrastructure and a customer-centric strategy, Banorte continues to be the trusted financial partner for Mexico’s SMEs, driving innovation, inclusion and sustainable economic development.
Best bank for ESG 2025: HSBC México S.A.
HSBC México S.A. (HBMX) stood out this year for its exceptional commitment to ESG principles. The bank has successfully integrated ESG objectives into its core operations, demonstrating a proactive approach in sustainable financing and responsible banking practices.
In 2024, HBMX mobilised over $1.9 billion in sustainable financing, with 94 transactions supporting climate mitigation, social inclusion and gender equality. Notable deals included Mexico’s largest corporate sustainable bond issuance and innovative instruments like sustainability-linked loans and trade finance for electric mobility.
HBMX also made strides in environmental performance, achieving 100% renewable energy consumption and reducing operational emissions through energy-efficient upgrades and supply chain engagement. Socially, the bank empowered 1,200 women-led businesses through its Mujeres al Mundo programme and invested Ps$53.9 million ($2.9 million) in community projects, including mangrove restoration and disaster relief.
Governance enhancements included the launch of the sustainability execution programme and ESG climate score framework, ensuring robust oversight and climate risk integration. Through strategic partnerships, policy advocacy and employee engagement, HBMX continues to shape Mexico’s ESG agenda.
This comprehensive approach to sustainability has positioned HSBC Mexico as a catalyst for responsible banking and long-term impact in the region.
Best bank for sustainable finance 2025: BBVA
BBVA’s commitment to sustainable finance is deeply embedded in its operations, as evidenced by its structured approach that integrates sustainability into all business processes and decision-making frameworks.
In 2024, BBVA Mexico launched several impactful initiatives, including the issuance of its first sustainable bond in the country, totaling Ps13.06 billion ($701 million). This bond supports projects that promote social welfare and environmental preservation, backed by a robust sustainability framework and a second-party opinion from Sustainalytics.
The bank also introduced the Mujer PyMe programme, offering preferential financial solutions to women-led SMEs. In just six months, the initiative supported 372 female entrepreneurs with Ps696 million in financing.
BBVA’s sustainability strategy is further reinforced by its digital innovation, inclusive financial services, and partnerships that promote electromobility and nearshoring. These efforts reflect BBVA’s vision of creating long-term value for society while driving responsible growth.
