August - HSBC challenges Citi on Mexican remittances

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Following its acquisitions of US consumer finance group Household International and top-five Mexican bank Bital, HSBC said it was well placed to service Mexican workers in the US sending money home -- said to be a major contributor to Citigroup’s forex income.

HSBC’s chief executive Stephen Green reckoned HSBC could secure about 10% of the total market share of the US-to-Mexico remittance flow. "10% is our share of the Mexican consumer market," he said. "That’s something to shoot for."