Word: banamex
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...undercut, and nearly level out, his purchasing power. (Conversely, high domestic prices also push up those wages, further undermining Mexican firms' competitiveness.) "For Latin America, China is an incredible opportunity as a driver of commodity prices, but for Mexico it is strong competition," says Sergio Kurczyn, an economist with Banamex, owned by Citigroup. "If I am not optimistic about structural reform, I can't be optimistic about competing with China...
...Georgia. They give him a code number, and he drives or rides his horse four miles to the nearest Western Union, located in a government telegraph office, to pick up the $600 they spent $40 to wire to him. Less expensive remittance services are available at the nearby Banamex bank in Mazatepec, but so far, Patricio and his neighbors aren't willing to travel the eight miles to get there. Besides, he says, "we do not trust the banks, and they make everything more difficult...
Citigroup, which in the late '80s launched a Western Union clone that tanked within two years, is probably the best positioned of the banks that are competing with Western Union. Citi bought Banamex, Mexico's second largest bank, in 2001 and has a strong banking presence in India, where the company is the largest credit-card issuer. "But at this point it's still the elephant and the flea," says David Robertson, publisher of the Nilson Report. By year's end, Western Union will have set up shop in 15,000 India Post offices...
...president of Mexico's largest banking group, Banamex, was held for an undisclosed ransom after being abducted by at least six gunmen in Mexico City. Billionaire Alfredo Harp Helu is just one of 2,000 Mexican businessmen who have been kidnapped for profit in the past five years...
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