The world's local bank
GF Bital adopts HSBC brand in Mexico
2 February 2004
GF Bital, HSBC’s Mexican subsidiary and the country’s fourth largest bank, has adopted the HSBC brand. The company has been officially renamed Grupo Financiero HSBC SA de CV and will market itself simply as HSBC.
HSBC in Mexico, which serves some six million customers through a network of 1,400 branches and 4,500 ATMs, has also adopted the Group’s strapline ‘The world’s local bank’ - El banco local del mundo.
The Board of Directors of HSBC Holdings plc, HSBC México SA’s parent company, met in Mexico last week, emphasising the significance the Group attaches to its Mexican business. At a press conference, Group Chairman Sir John Bond, said: "Mexico is extremely important to HSBC." Mexico is a part of the North American Free Trade Agreement (NAFTA), along with the US and Canada. Stephen Green, Group Chief Executive, added: "Strategically, we view the world having two major growth blocks, and one of those is of course NAFTA."
HSBC board directors also met Mexico’s President, Vicente Fox, at his official residence of Los Pinos.
After months of preparation, branch signs were uncovered throughout the country, literally overnight, revealing the HSBC name and red and white hexagon logo.
A number of events for staff, customers, business people and officials were hosted to mark the rebranding. Sir John Bond and Sandy Flockhart, President and CEO of HSBC México SA, addressed 10,000 Bital employees and unveiled a new advertising campaign using the HSBC brand. This was followed by a live concert by one of Mexico’s most famous pop singers, Luis Miguel.
Meanwhile, customers, leading business people and officials were invited to a dinner at the 14th century Chapultepec Castle, an important historic site in Mexico City, hosted by the board directors of HSBC and of Bital.
HSBC acquired GF Bital, one of Mexico's largest financial services groups, in November 2002. Bital contributed US$85 million of net interest income to HSBC's 2002 annual results in the North American region. For the nine months ended 30 September 2003, Bital announced net income of 1,181 million Mexican pesos, an increase of 78 per cent compared to the same period in 2002.
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