Hey Banco to Separate From Banregio in 2025

Neobank Hey Banco has announced its plans to achieve independence from its parent company Banregio by 2025. Hey Banco is navigating the regulatory landscape to operate autonomously in the financial sector.

Currently, Hey Banco is in the process of securing essential operational authorizations from various governmental entities, including the CNBV and Banxico. These authorizations are particularly crucial for Hey Banco's integration of services such as the Mexican Interbank Electronic Payment System (SPEI), as well as the inclusion of banking correspondents like OXXO or Farmacias del Ahorro.

One of the primary challenges in this transition is migrating Hey Banco’s customer base to the new independent entity, a task that requires additional regulatory approvals. The neobank aims to complete this process by late December 2024 or early 2025, paving the way for its operational launch as an independent entity.

Established in August 2019, Hey Banco offers a range of services, including credit cards and savings accounts, with a focus on the mass consumer market. In contrast, Banregio caters to small to large businesses and high-income individuals with personalized advisory services.

Despite Hey Banco’s digital-centric approach, Banregio plans to bolster its digital banking capabilities, drawing insights from Hey Banco's operations and strategies.