United Nations Conference on Trade And Development INVESTMENT COUNTRY PROFILES. MEXICO February 2013

Transcription

1 United Nations Conference on Trade And Development INVESTMENT COUNTRY PROFILES MEXICO February 2013

2 Mexico i NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing with issues related to investment and enterprise development in the United Nations System. It builds on three and a half decades of experience and international expertise in research and policy analysis, intergovernmental consensus building, and provides technical assistance to developing countries. The terms country/economy as used in this investment country profile also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The major country groupings used in this investment country profile follow the classification of the United Nations Statistical Office. These are: Developed countries: the member countries of the OECD (other than Chile, Mexico, the Republic of Korea and Turkey), plus the new European Union member countries which are not OECD members (Bulgaria, Cyprus, Latvia, Lithuania, Malta, and Romania), plus Andorra, Liechtenstein, Monaco and San Marino. Transition economies: South-East Europe and the Commonwealth of Independent States. Developing economies: in general all economies not specified above. For statistical purposes, the data for China do not include those for Hong Kong Special Administrative Region (Hong Kong SAR), Macao Special Administrative Region (Macao SAR) and Taiwan Province of China. Reference to companies and their activities should not be construed as an endorsement by UNCTAD of those companies or their activities. The boundaries and names shown and designations used on the maps presented in this publication do not imply official endorsement or acceptance by the United Nations. The following symbols have been used in the tables: Two dots (..) indicate that data are not available or are not separately reported. Rows in tables have been omitted in those cases where no data are available for any of the elements in the row; A dash ( ) indicates that the item is equal to zero or its value is negligible; A blank in a table indicates that the item is not applicable, unless otherwise indicated; A slash (/) between dates representing years, e.g., 1994/95, indicates a financial year; Use of an en dash ( ) between dates representing years, e.g., , signifies the full period involved, including the beginning and end years; Reference to dollars ($) means United States dollars, unless otherwise indicated; Annual rates of growth or change, unless otherwise stated, refer to annual compound rates; Details and percentages in tables do not necessarily add up to totals because of rounding. Only the tables shaded in the Table of Contents are available in this investment country profile. The material contained in this study may be freely quoted with appropriate acknowledgement. Unedited Version UNCTAD/WEB/DIAE/IA/2012/13

3 Mexico ii Table of Contents Highlights... A. Definitions and sources of data... B. Statistics on FDI and the operations of TNCs (shaded rows show available tables) Table 1. Summary of FDI... 3 Table 2. Summary of international production... Table 3. FDI flows, by type of investment... 4 Table 4. FDI stocks, by type of investment... 5 Table 5. FDI flows in the host economy, by industry... 6 Table 6. FDI flows in the host economy, by geographical origin... 7 Table 8. FDI flows abroad, by industry... Table 9. FDI flows abroad, by geographical destination... Table 11. FDI stocks in the host economy, by industry... Table 12. FDI stocks in the host economy, by geographical origin... 8 Table 14. FDI stocks abroad, by industry... Table 15. FDI stocks abroad, by geographical destination... Table 19. The number of home-based TNCs, by industry in the home economy... Table 20. The number of foreign affiliates of home-based TNCs, by industry abroad... Table 21. The number of foreign affiliates of home-based TNCs, by geographical destination... Table 22. The number of affiliates of foreign TNCs in the host economy, by industry... Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin... Table 26. Assets of home-based TNCs, by industry in the home economy... Table 27. Assets of foreign affiliates of home-based TNCs, by industry abroad... Table 21. Assets of foreign affiliates of home-based TNCs, by geographical destination... Table 29. Assets of affiliates of foreign TNCs in the host economy, by industry... Table 30. Assets of affiliates of foreign TNCs in the host economy, by geographical origin... Table 19. Employment of home-based TNCs, by industry in the home economy... Table 32. Employment of foreign affiliates of home-based TNCs, by industry abroad... Table 33. Employment of foreign affiliates of home-based TNCs, by geographical destination... Table 34. Employment of affiliates of foreign TNCs in the host economy, by industry... Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin... Table 36. Wages and salaries of home-based TNCs, by industry in the home economy... Table 37. Wages and salaries of foreign affiliates of home-based TNCs, by industry abroad... Table 38. Wages and salaries of foreign affiliates of home-based TNCs, by geographical destination... Table 39. Wages and salaries of affiliates of foreign TNCs in the host economy, by industry... Table 40. Wages and salaries of affiliates of foreign TNCs in the host economy, by geographical origin... Table 41. Sales of home-based TNCs, by industry in the home economy... Table 42. Sales of foreign affiliates of home-based TNCs, by industry abroad... Table 43. Sales of foreign affiliates of home-based TNCs, by geographical destination... Table 44. Sales of affiliates of foreign TNCs in the host economy, by industry... Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin... Table 46. Value added of home-based TNCs, by industry in the home economy... Table 47. Value added of foreign affiliates of home-based TNCs, by industry abroad... Table 48. Value added of foreign affiliates of home-based TNCs, by geographical destination... Table 49. Value added of affiliates of foreign TNCs in the host economy, by industry... Table 50. Value added of affiliates of foreign TNCs in the host economy, by geographical origin... Table 51. Profits after taxes of home-based TNCs, by industry in the home economy... Table 52. Profits after taxes of foreign affiliates of home-based TNCs, by industry abroad... Page 1 1 3

4 Mexico iii Table of Contents Page Table 53. Profits after taxes of foreign affiliates of home-based TNCs, by geographical destination... Table 54. Profits after taxes of affiliates of foreign TNCs in the host economy, by industry... Table 55. Profits after taxes of affiliates of foreign TNCs in the host economy, by geographical origin... Table 56. Exports of home-based TNCs, by industry in the home economy... Table 57. Exports of foreign affiliates of home-based TNCs, by industry abroad... Table 58. Exports of foreign affiliates of home-based TNCs, by geographical destination... Table 59. Exports of affiliates of foreign TNCs in the host economy, by industry... Table 60. Exports of affiliates of foreign TNCs in the host economy, by geographical origin... Table 61. Imports of home-based TNCs, by industry in the home economy... Table 62. Imports of foreign affiliates of home-based TNCs, by industry abroad... Table 63. Imports of foreign affiliates of home-based TNCs, by geographical destination... Table 64. Imports of affiliates of foreign TNCs in the host economy, by industry... Table 65. Imports of affiliates of foreign TNCs in the host economy, by geographical origin... Table 66. R&D of home-based TNCs, by industry in the home economy... Table 67. R&D of foreign affiliates of home-based TNCs, by industry abroad... Table 68. R&D of foreign affiliates of home-based TNCs, by geographical destination... Table 69. R&D of affiliates of foreign TNCs in the host economy, by industry... Table 70. R&D of affiliates of foreign TNCs in the host economy, by geographical origin... Table 71. Employment in R&D of home-based TNCs, by industry in the home economy... Table 72. Employment in R&D of foreign affiliates of home-based TNCs, by industry abroad... Table 73. Employment in R&D of foreign affiliates of home-based TNCs, by geographical destination... Table 74. Employment in R&D of affiliates of foreign TNCs in the host economy, by industry... Table 75. Employment in R&D of affiliates of foreign TNCs in the host economy, by geographical origin... Table 76. Royalty receipts of home-based TNCs, by industry in the home economy... Table 77. Royalty receipts of foreign affiliates of home-based TNCs, by industry abroad... Table 78. Royalty receipts of foreign affiliates of home-based TNCs, by geographical destination... Table 79. Royalty receipts of affiliates of foreign TNCs in the host economy, by industry... Table 80. Royalty receipts of affiliates of foreign TNCs in the host economy, by geographical origin... Table 81. Royalty payments of home-based TNCs, by industry in the home economy... Table 82. Royalty payments of foreign affiliates of home-based TNCs, by industry abroad... Table 83. Royalty payments of foreign affiliates of home-based TNCs, by geographical destination... Table 84. Royalty payments of affiliates of foreign TNCs in the host economy, by industry... Table 85. Royalty payments of affiliates of foreign TNCs in the host economy, by geographical origin... Table 86. Largest home-based TNCs... 9 Table 87. Largest foreign affiliates of homebased TNCs Table 88. Largest affiliates of foreign TNCs in the host economy... 11

5 Mexico 1 Highlights At the end of 2011, Mexico's inward FDI stock amounted to $303 billion, equivalent to 26 per cent of Mexican GDP. FDI into Mexico has increased dramatically since the signing of the North American Free Trade Agreement (NAFTA) in Inflows ballooned to a yearly average of $15 billion between 1994 and 2001 more than four times their level during the period and reached $30 billion in After this period of strong growth, inflows have been oscillating around the annual average of $24 billion during the period , before declining as a consequence of the global economic crisis. Half of inward FDI stock into Mexico at the end of 2011 came from the United States. The European Union followed with 37 per cent, with Spain and the Netherland representing 15 and 14 per cent respectively. While transition economies are absent, developing economies are marginal investors accounting for barely 5 per cent of total FDI stock, 78 per cent of which came from Latin American and the Caribbean. The services sector has been the main target of FDI inflows during the 2000s, attracting an annual average of $13 billion in , 42 per cent of which targeted the financial industry. The manufacturing sector, which was the main FDI target in the 1990s, received an annual average of $10 billion in , which went mainly to food and beverages, transport equipment and electrical and electronic equipment. The primary sector, which had remained a marginal recipient until 2006, has registered relatively significant levels of FDI inflows since Mexico was home to $112 billion worth of FDI stock at the end of 2011, equivalent to 9.7 per cent of its GDP. A. Definitions and sources of data According to the Foreign Investment Law all entities with investment from a non-mexican (non-immigrant) citizen or a foreign enterprise must inform their investment to the Ministry of Economy through the National Foreign Investment Registry (NFIR), regardless of the percentage of ownership of these non-resident investors. As stated in the law all the flows reported to the register are considered foreign investment. According to articles 32 and 33 of the Foreign Investment Law reporting to the NFIR is compulsory. The Ministry of Economy has a legal attribution to validate the figures with the firms. The registration covers new investments, reinvested earnings and intra-company loans. A statistics committee, formed with specialists from Banco de México (the Mexican central bank) and the Ministry of Economy, reviews the information collected by the NFIR and determines what must be considered as foreign direct investment (FDI). These data are complemented with customs information on imports of fixed capital equipment by the maquiladora industry. Parent companies of foreign subsidiaries in the maquiladora industry can loan to their affiliates fixed capital equipment that is not transferred under the property of the affiliate. The statistics on inward FDI are then published by the Ministry s official source (Secretaría de Economía, Dirección General de Inversión Extranjera). Banco de México incorporates these data to the quarterly Balance of Payments (BOP) statement it compiles. FDI figures in the BOP are frequently revised. Data on inward FDI stock come from an annual survey conducted by the Ministry of

6 Mexico 2 Economy, in which all companies with foreign investment report their annual balance sheet. These data are also reviewed by the statistics committee formed with specialists from Banco de México and the Ministry of Economy before being published. Mexico does not collect data on the activities of foreign affiliates. Regarding Mexican direct investment abroad, a quarterly survey and an annual survey are sent by Banco de México to those resident firms identified as direct investors abroad. New firms are contacted and added to the survey as any information arises on investments made abroad.

7 Mexico 3 B. Statistics on FDI and the operations of TNCs Table 1. Summary of FDI (Millions of dollars and percentage) Variable Inward Outward 1. FDI flows, (annual average) FDI flows as a percentage of GFCF, (annual average) FDI stocks, FDI stocks as a percentage of GDP, Source : Based on tables 3, 4 and UNCTAD,FDI/TNC database.

8 Mexico 4 Year Equity Table 3. FDI flows, by type of investment, (Millions of dollars) Inward investment Reinvested earnings Other Total Equity Outward investment Reinvested earnings Other Total Source : UNCTAD FDI/TNC database, based on data from the Secretaría de Economía, Dirección General de Inversión Extranjera. Note : Totals in this table may differ from those shown in tables 5 and 6 due to differing data publication/last revision schedules.

9 Mexico 5 Year Table 4. FDI stocks, by type of investment, (Millions of dollars) Inward investment Equity and Retained earnings Other Total Outward investment Equity and Retained earnings Other Total Source : UNCTAD FDI/TNC database, based on data from Banco de Mexico. Note: Totals in this table may differ from those shown in tables 12 and 15 due to differing sources.

10 Mexico 6 Table 5. FDI flows in the host economy, by industry, (Millions of dollars) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Agriculture and hunting Forestry and fishing Mining, quarrying and petroleum Mining and quarrying Secondary Food, beverages and tobacco Food products and beverages Tobacco products Textiles, clothing and leather Wood and wood products Paper and paper products Publishing and printing Printing and related activities Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Basic metals Fabricated metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Electrical machinery and apparatus Radio, television and communication apparatus Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other transport equipment Other manufacturing Manufacture of furniture Tertiary Electricity, gas and water Construction Trade Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Business activities Real estate Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Recreational, cultural and sporting activities Other services Unspecified Source : UNCTAD FDI/TNC database, based on data from the Secretaría de Economía, Dirección General de Inversión Extranjera.

11 Mexico 7 Table 6. FDI flows in the host economy, by geographical origin, (Millions of dollars) Region / economy Total world Developed economies Europe European Union Austria Belgium Cyprus Czech Republic Denmark Finland France Germany Hungary Ireland Italy Lithuania Luxembourg Netherlands Poland Portugal Spain Sweden United Kingdom Other developed Europe Iceland Norway Switzerland North America Canada United States Other developed countries Australia Israel Japan New Zealand Bermuda Developing economies Africa Congo, Democratic Republic of Ethiopia Mali South Africa Latin America and the Caribbean South and Central America South America Argentina Brazil Chile Colombia Ecuador Peru Uruguay Venezuela, Bolivarian Republic of Central America Belize Costa Rica El Salvador Guatemala Honduras Panama Caribbean Bahamas Barbados Cayman Islands Dominican Republic Netherlands Antilles Puerto Rico Turks and Caicos Islands Asia West Asia South, East and South-East Asia China Hong Kong, China India Korea, Republic of Singapore Taiwan Province of China Oceania Marshall Islands South-East Europe and CIS Unspecified Source : UNCTAD FDI/TNC database, based on data from the Secretaria de Economia, Dirección General de Inversión Extranjera.

12 Mexico 8 Table 12. FDI stocks in the host economy, by geographical origin, (Millions of dollars) Region / economy Total world Developed economies Europe European Union Austria Belgium Cyprus Czech Republic Denmark Finland France Germany Hungary Ireland Italy Lithuania Luxembourg Netherlands Poland Portugal Spain Sweden United Kingdom Other developed Europe Iceland Norway Switzerland North America Canada United States Other developed countries Australia Israel Japan New Zealand Bermuda Developing economies Africa Congo, Democratic Republic of Ethiopia South Africa Latin America and the Caribbean South and Central America South America Argentina Brazil Chile Colombia Ecuador Paraguay Peru Uruguay Venezuela, Bolivarian Republic of Central America Belize Costa Rica El Salvador Guatemala Honduras Panama Caribbean Bahamas Barbados Cayman Islands Dominican Republic Netherlands Antilles Puerto Rico Turks and Caicos Islands Asia West Asia South, East and South-East Asia China Hong Kong, China India Korea, Republic of Malaysia Pakistan Philippines Singapore Taiwan Province of China Oceania Marshall Islands South-East Europe and CIS Unspecified Source : UNCTAD FDI/TNC database, based on the Secretaría de Economía, Dirección General de Inversión Extranjera. Note: Accumulated flows from 1999.

13 Mexico 9 Table 86. Largest home-based TNCs, 2010 (Millions of dollars and number) Company Industry Sales Employees A. Primary Grupo Mexico Sab De CV Mining, quarrying and petroleum Industrias Penoles Sab De CV Mining, quarrying and petroleum Minera Frisco Sab De CV Mining, quarrying and petroleum B. Secondary (Manufacturing) Cemex Sab De CV Non-metallic mineral products Fomento Economico Mexicano Sab De CV Food, beverages and tobacco Alfa Sab De CV Coke, petroleum and nuclear fuel Grupo Bimbo Sab De CV Food, beverages and tobacco Coca-Cola Femsa Sab CV Food, beverages and tobacco Grupo Carso Sab De CV Food, beverages and tobacco Gruma Sab De CV Food, beverages and tobacco Mexichem Sab De CV Chemicals and chemical products Industrias CH Sab De CV Metals and metal products Arca Continental Sab CV Food, beverages and tobacco Grupo Simec Sab De CV Metals and metal products Vitro Sab De CV Non-metallic mineral products Bio Pappel Sab De CV Wood and wood products Grupo Industrial Saltillo Sab CV Metals and metal products Grupo Herdez Sab De CV Food, beverages and tobacco Sanluis Corporacion SA De CV Motor vehicles and other transport equipment Grupo La Moderna Sab De CV Food, beverages and tobacco Genomma LAB Internacional Sab CV Chemicals and chemical products 508 Internacional De Ceramica Sab De CV Non-metallic mineral products 457 Accel Sab De CV Food, beverages and tobacco 245 C. Tertiary (Services) America Movil Sab De CV Transport, storage and communications Wal-Mart De Mexico Sab CV Retail trade Grupo Televisa SA Community, social and personal service activities Empresas ICA Sab De CV Construction Grupo Aeromexico Sab CV Transport, storage and communications Grupo Famsa Sab De CV Retail trade Carso Infraestructura Construccion Sab C Construction Corporacion Interamericana De Entretenim Community, social and personal service activities Grupo Posadas Sab De CV Hotels and restaurants 530 Empresas Cablevision SA CV Community, social and personal service activities Grupo Aeroportuario Del Centro Norte Transport, storage and communications 215 Grupo Radio Centro Sab De CV Community, social and personal service activities D. Finance and Insurance Assets Employees Financiera Independencia Sab CV Sofom EN Finance Sources : Thomson ONE and company websites.

14 Mexico 10 Table 87. Largest foreign affiliates of homebased TNCs, 2010 a (Millions of dollars and number) Company Host eonomy Industry Sales Employees A. Primary Southern Copper Corporation United States Mining, quarrying and petroleum Silver Bell Mining, L.l.c. United States Mining, quarrying and petroleum Cemex Kies & Splitt Gmbh Germany Mining, quarrying and petroleum Lime & Stone Production Co. Ltd. Israel Mining, quarrying and petroleum Rmc Russell Ltd United Kingdom Mining, quarrying and petroleum Cemex Austria Ag Austria Mining, quarrying and petroleum Kies-union Gmbh Austria Mining, quarrying and petroleum Cemex El Paso, Inc. United States Mining, quarrying and petroleum Cemex Sand, S.r.o. Czech Republic Mining, quarrying and petroleum Hollitzer Baustoffwerke Betriebs-gesellschaft M.b.h. Austria Mining, quarrying and petroleum B. Secondary (Manufacturing) Spal Ind stria Brasileira De Bebidas S/a. Brazil Food, beverages and tobacco Bimbo Foods Bakeries, Inc. United States Food, beverages and tobacco Gruma Corporation United States Food, beverages and tobacco Bbu, Inc. United States Food, beverages and tobacco Arnold Foods Company, Inc. United States Food, beverages and tobacco Cemex Uk Operations Ltd United Kingdom Non-metallic mineral products Industria Nacional De Gaseosas S.a. Colombia Food, beverages and tobacco Cemex Espa-a, Sa Spain Non-metallic mineral products Cemex Deutschland Ag Germany Non-metallic mineral products Coca-cola Femsa De Buenos Aires S.a. Argentina Food, beverages and tobacco Nemak Dillingen Gmbh Germany Metals and metal products Mabe Brasil Eletrodomtsticos Ltda. Brazil Electrical and electronic equipment Entenmann's, Inc. United States Food, beverages and tobacco Glud & Marstrand A/s Denmark Metals and metal products Nemak Of Canada Corporation Canada Metals and metal products Republic Engineered Products, Inc. United States Metals and metal products Cemex Ostzement Gmbh Germany Non-metallic mineral products Hormicemex, Sa Spain Non-metallic mineral products C. Tertiary (Services) P M I Trading Ltd Ireland Retail trade Claro S/a. Brazil Transport, storage and communications Empresa Brasileira De Telecomunicat)es S/a. - Embratel. Brazil Transport, storage and communications Amx Argentina S.a. Argentina Transport, storage and communications Americel S/a. Brazil Transport, storage and communications Telecomunicaciones De Puerto Rico, Inc United States Transport, storage and communications Rugby Building Products Inc (del) United States Wholesale trade Telmex Colombia S.a. Colombia Community, social and personal service act Cemex Colombia S A Colombia Retail trade Net Spo Paulo Ltda. Brazil Community, social and personal service act Readymix Industries (israel) Ltd. Israel Construction Star One S/a. Brazil Transport, storage and communications Vivax Ltda. Brazil Community, social and personal service act Sigma Alimentos International, Inc. United States Wholesale trade Gmodelo Europa Sa Spain Wholesale trade Mk Metal Trading Gmbh Switzerland Wholesale trade Sigma Foods, Inc. United States Wholesale trade Primesys Solut)es Empresariais S/a. Brazil Business services D. Finance and Insurance Assets Employees Net Servitos De Comunicatpo S/a. Brazil Holding Farmacias Ahumada S.a. Chile Holding Amov Argentina S.a. Argentina Holding Inter National Bank United States Finance Cemex France Gestion France Holding 76 4 Gruma Holding Netherlands B.v. Netherlands Finance Sources : WorldBase, Dun & Bradstreet Inc., company websites. a Or most recent year available.

15 Mexico 11 A. Primary Table 88. Largest affiliates of foreign TNCs in the host economy, 2010 a (Millions of dollars and number) Company Home economy Industry Sales Employees Pilgrim`s Pride, S. De R.l. De C.v. United States Agriculture, hunting, forestry and fisheries Halliburton De México, S. De R.l. De C.v. United States Mining, quarrying and petroleum B. Secondary (Manufacturing) Sud Chemie De México, S.a. De C.v. Switzerland Chemicals and chemical products Panasonic Electric Works Mexicana, S.a. De C.v. Japan Electrical and electronic equipment Ugimag, S.a. De C.v. France Motor vehicles and other transport equipment Volkswagen De México, S.a. De C.v. Germany Motor vehicles and other transport equipment Trico Componentes, S.a. De C.v. United States Rubber and plastic products Age Empaques De México, S.a. De C.v. United States Wood and wood products Ternium México, S.a. De C.v. Spain Metals and metal products Hewlett-packard México, S. De R.l. De C.v. Luxembourg Electrical and electronic equipment Imsa Acero, S.a. De C.v. Spain Metals and metal products Owens Corning México, S. De R.l. De C.v. United States Non-metallic mineral products Clairson De México, S.a. De C.v United States Rubber and plastic products Cigarros La Tabacalera Mexicana, S.a. De C.v. United States Food, beverages and tobacco Siemens, S.a. De C.v. Germany Electrical and electronic equipment Cervecería Cuauhtémoc Moctezuma, S.a. De C.v. Switzerland Food, beverages and tobacco The Pepsi Bottling Group México, S. De R.l. De C.v. United States Food, beverages and tobacco Kenworth Mexicana, S.a. De C.v. United States Motor vehicles and other transport equipment Paccar México, S.a.b. De C.v. United States Machinery and equipment C. Tertiary (Services) Building Systems De México, S.a. De C.v. United States Construction Steelcase De México, S. De R.l. De C.v. United States Wholesale trade Dmg Mori Seiki México, S.a. De C.v. Germany Wholesale trade Bandag De México, S.a. De C.v. Japan Unspecified Hylsa, S.a. De C.v. Spain Business services Tuv America De México, S.a. De C.v. Germany Public administration and defense Iberdrola México, S.a. De C.v. Spain Electricity, gas and water Pegaso Pcs, S.a. De C.v. Spain Transport, storage and communications Motorola De México, S.a. United States Wholesale trade Instituto De Cultura Superior Valle Del Bravo De Reynosa, S.c. United States Educational services Philip Morris México, S.a. De C.v. United States Wholesale trade Cuauhtémoc Moctezuma Holding, S.a. De C.v. Switzerland Wholesale trade Bonafont, S.a. De C.v. France Wholesale trade Ibm De México Comercialización Y Servicios, S. De R.l. De C.v. United States Wholesale trade Sony Electronicos De México, S.a. De C.v. Japan Wholesale trade Lg Electronics México, S.a. De C.v. Korea, Republic of Wholesale trade Suburbia, S. De R.l. De C.v. United States Retail trade D. Finance and Insurance Assets Employees Banco J.p. Morgan, S.a., Institución De Banca Múltiple United States Finance Siefore Bancomer Real, S.a. De C.v. Spain Insurance Siefore Ing, S.a. De C.v. Netherlands Insurance Principal Afore, S.a. De C.v. United States Finance Dolex Envíos, S.a. De C.v. United States Insurance Grupo Financiero Bbva Bancomer, S.a. De C.v. Spain Finance Grupo Financiero Banamex, S.a. De C.v. United States Finance Bbva Bancomer, S.a. Spain Finance Principal Siefore 2, S.a. De C.v. United States Insurance Siefore Banamex Básica 3, S.a. De C.v. United States Insurance Banco Nacional De México, S.a. United States Finance Banco Santander (méxico), S.a., Institución De Banca Múltiple, Grupo Financiero Santander Spain Finance Hsbc-b2 Siefore, S.a. De C.v. United Kingdom Finance Hsbc México, S.a. Institución De Banca Multiple Grupo Financiero Hsbc United Kingdom Finance Grupo Financiero Santander, S.a.b. De C.v. Spain Finance Grupo Financiero Hsbc, S.a. De C.v. United Kingdom Finance Sources : WorldBase, Dun & Bradstreet Inc., company websites. a Or most recent year available.