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Mexican Financial System (CONDUSEF (It is a government agency of the…
Mexican Financial System
CONDUSEF
It is a government agency of the Mexican government that works as an advocate for users of any type of financial services in Mexico.
The purpose of this Commission is that you have: clear contracts, understandable statements of account, information on commissions, associated insurance, etc., as well as providing the necessary elements for you to know and make conscious information about financial services and products.
Financial institutions that are reviewed by the CONDUSEF
- Credit Institutions.
- Credit Information Societies (Credit Bureaus).
- Investment Funds.Credit Unions.
- Exchange Houses.Insurance Institutions.
- Bonding Institutions.
- Retirement Fund.
- Administrators.
- Cooperative Savings Societies.
- Loan
BANK
- A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services, such as wealth management, currency exchange and safe deposit boxes.
- Those are organized according to special laws and are dedicated to working with money, for which they receive and have in their custody deposits made by individuals and companies, and grant loans using the same resources, an activity called financial intermediation.
Commercial banks
They are typically concerned with managing withdrawals and receiving deposits as well as supplying short-term loans to individuals and small businesses. Consumers primarily use these banks for basic checking and savings accounts, certificates of deposit (CDs) and home mortages.
Investment banks
Focus on providing corporate clients with services such as underwriting and assisting with merger and acquisition (M&A) activity.
Functions
- Channelling of savings through the demand for a return on the customer's trust in their capital deposit in the Bank.
- Security in the capital deposit. Banks keep people's money and have very powerful security systems that allow them to guarantee their customers' money.
- Issuance of loans and credit. For example, a personal loan to set up a business or a loan to buy a home.
- Issuance of financial products that offer a guaranteed return or not.
- Control of the monetary mass in circulation following the guidelines of the Central Banks.
SOFOM
They are public limited companies that have a current registration by the National Commission for the Protection and Defense of Users of Financial Services
Differencess
- One of the main differences with banks is that they do not capture savings from their clients, but receive financing from their partners, through government funds or debt issues..
- SOFOMs can only acquire loans and credits from multiple banking institutions, intended to carry out their operations and can also issue subordinated debentures and other credit instruments for placement among the investing public.
Classifications
Regulated
Regulated multi-purpose financial corporations are those that maintain patrimonial links with credit institutions, popular financial corporations, community finance companies or savings and loan cooperative societies.
Non Regulated
Regarding the not regulated, the supervision of the CNBV focuses exclusively on verifying compliance with the preventive provisions of money laundering and financing of terrorism
Characteristics
- These companies must add to their corporate name the expression "multiple purpose financial company" or its acronym "Sofom", followed by the words "regulated entity" or its abbreviation "E.R."
- They maintain links with credit institutions.
- They will have 20% or more of the shares representing the capital.
- Total control of the general shareholders' assembly
Requirements
For Inndividuals
- Current official identification of the person who represents it.
- Company tax identification card.
- Proof of address of the business.
- Report of the credit bureau and main shareholde
For Representative
- Current official identification.
- Tax identification card.
- Proof of address.
- Proof of income.
- Report of the credit bureau.
- Curp.
DEVELOPING BANK
national or regional financial institution designed to provide medium- and long-term capital for productive investment, often accompanied by technical assistance, in poor countries.
Institutions
Banco Nacional de Comercio Exterior, S.N.C.
It works through grant credits and guarantee, direct or through the commercial bank and the not bank financial intermediaries.
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Banco Nacional de Obras y Servicios Públicos, S.N.C (BANOBRAS)
Leading development banking institution in Mexico that makes possible the creation of infrastructure with high social profitability.
Programs
- Financing to States and Municipalities and Decentralized Public Organisms.
- National Infrastructure Fund
FONADIN
Banco del Ahorro Nacional y Servicios Financieros, S.N.C. (BANSEFI)
It promotes savings, financial education, financial inclusion, gender perspective, as well as financial instruments and services among people who have limited access to these types of products.
Services:
- Products and services. These are adjusted to the investment needs of each person considering the term, amount and liquidity required.
- PATMIR. Specialized technical assistance program focused on financial inclusion, sustainable and comprehensive, based on savings and aimed at the population with limited access to financial services in Mexico.
Banco Nacional del Ejército, Fuerza Aérea y Armada, S.N.C. (BANJERCITO)
It provides the banking and credit service to the members of the Army, Air Force and Navy of Mexico, and also to the general public.
BANKING SERVICES
- Transfer of funds.
- Referenced payments.
- Tax payment.Payroll payment (companies).
- Buy foreign exchange.
- Purchase - sale of ammoned metals.
- Credit card payment of other banks
Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal y Pesquero (FND
It works to increase funding for any economic activity carried out on rural populations and improving the quality of life of its inhabitants.
Products:
- Simple Credit: It gives funding to requirements of working capital, for the production of goods, provision of services or trade or acquisition of fixed assets.
- Refactionary Credit: Refaccionary credit product is destined for financing producers the acquisition, replacement or substitution of machinery or equipment and other fixed assets.
- Pledge Credit: Supports liquidity, commercialization and financing of working capital to producers, on goods or goods, covered with certificates of deposit and bonds of garment, issued by a General warehouse of Deposit
Nacional Financiera, S.N.C (NAFIN)
Nacional Financiera (Nafin) is a development bank that belongs to the Mexican government. It is dedicated to delivering a range of financial and technical services for the development of SMEs in the country. The bank also promotes the development and modernization of the industrial sector in the region and stimulates the development of financial markets.
FINANCIAL SERVICES:
- Banking instruments issued by Nacional Financiera.Purchase and sale of government instruments live and sale in repurchase.
- Purchase and sale of banking and corporate instruments live and in purchase.
- Operation of purchase-sale and investments in dollars.
BANXICO
It is an autonomous institution whose primary objective is to ensure the stability of the purchasing power of the national currency
The objectives of the Bank of Mexico are to provide the country's economy with national currency; implement monetary policy with the priority objective of ensuring the stability of the purchasing power of the national currency; promote the healthy development of the financial system; and promote the proper functioning of payment systems
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