HSBC will invest over 100 million dollars in Mexico

In 2023, HSBC México wants to continue growing its operations and position itself as the only bank with global operations in the country, after the eventual sale of Citibanamex.

For this, Jorge Arce, president, and CEO of HSBC Mexico, expects the institution to invest at least one hundred million dollars, which would expand its digital and physical infrastructure, as well as to reinforce other customer services.


The amount would be similar to what the financial institution will end up investing in the country this year, said the executive.

“In 2022, we closed with a hundred million dollars of investment, in 2023, it will be at least that or more, although we do not have the approved budget, and we are investing more and more since I arrived,” said the manager in a meeting with the media.

From the HSBC Tower, on Paseo de la Reforma, Arce stands firm in saying that they want to strengthen his position in the Mexican financial system. Through the injection of resources, it is planned to expand the digital and physical network, although in the latter area, there are closures of branches due to a mere location strategy.

In the words of the manager, branches could be closed where “the city moved elsewhere”, although other points will be relocated and some more will have remodeling in the coming months.

But this will not be the only opportunity that the subsidiary of the London financial giant will have and will take to grow in 2023.

With the eventual sale of Citibanamex, Citigroup will operate a separate license under which it will do corporate and investment banking business, serving large corporations and institutional clients.

This will allow HSBC to be the only bank with global businesses in the country, giving it a competitive advantage over other internationally renowned institutions.

“There is no global bank operating in Mexico except us, now that Citi is leaving; because Citi stays, it will have an operation, but not as a universal bank, so we are the most global bank operating in Mexico”, Arce mentioned.

He added that while there are very strong international and local banks, “no one is a global bank like us.”

At the end of October, HSBC Mexico was the fifth largest bank in the country with over 760 thousand 632 million pesos in assets, the equivalent of 6.08 percent of the entire banking system, according to the National Banking and Securities Commission (CNBV). .

The advantage of the institution is the connection it has with other latitudes and the range of services for all types of clients, from investments, exchange rate, and payroll management, among others, Arce said.

“We are the near shoring bank,” the manager proudly stated. “We are going to grow, and we are going to grow faster than the others because we are the bank for international operations in Mexico,” he added.

According to Arce, Mexico also serves as an operational bridge for other HSBC markets, since some accounting operations for the United States, South America, and other segments of the bank have been dispatched from here for some time.

In this sense, he assures that the plans of the financial institution in the country are for the long term.

“Mexico is a great place, there is qualified labor, access to raw materials and access to the largest market in the world, which is not only the United States, it is North America, there are many things that worry us, divide us, that we discussed, but the international investor sees a great opportunity, he does not see the next two years, he sees the next 50”, he stressed.


For 2023, the reduction of personnel is not something that is in the plans of the institution in the country, Jorge Arce said when questioned about the layoffs of HSBC abroad.

At the beginning of December, the Reuters agency reported the bank was preparing for the departure of at least 200 high-ranking executives as part of an operating savings strategy.

These actions added to those of other international banks, such as Credit Suisse, which are also planning staff adjustments, amid grim projections for the world economy over the next year.

Said institution plans to lay off around five percent of its private banking staff. Two months ago, it also reported that it planned to cut 9,000 jobs from the 52,000 it had.

The last time HSBC reduced its number of employees was in 2020, in the first year of the pandemic, when it cut 35,000 jobs globally as a result of a cost reduction plan.

“No (there will be layoffs), you always rearrange your teams, but I can say no. Mexico is a very international business, growing with very good returns, and it is made to continue operating. We are the near shoring bank, we are the bank that brings products, services, and security from all over the world to operate better”, Jorge Arce pointed out.