Each of the two companies is to invest USD 36.86 million (MXN500 million) in the venture,which is to be called Ixe Tarjetas and is to run as a non-bank finance group. Its range of services includes investment and commercial banking, broker-dealer business and asset-management operations. At the end of September 2008, Ixe had USD 3.02 billion in assets, USD 1.6 billion in loans and 121 branches. Nearly 76 percent of loans and deposits are controlled by the biggest banks across Mexico, namely BBVA Bancomer, Banamex, Grupo Santander, HSBC Mexico, and Grupo Financiero Banorte, while 37 smaller players control the rest of the market.
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