Mexico’s Hey Banco to Debut as Independent Bank in February

Hey Banco, currently the digital arm of Banregio, is set to begin operations as an independent bank in February following approval and licensing, according to Manuel Rivero, CEO, Grupo Regional.

Hey Banco has already built a substantial customer base, serving over 520,000 individual clients and 14,000 small and medium-sized businesses (SMEs), with total deposits of MX$12 billion (US$581 million). Deposits in the individual segment grew by 22% in 2024.

The bank offers a wide range of financial services, including savings accounts, credit cards, loans, insurance, investments, and payment solutions for businesses. Rivero highlighted that Hey Banco's payment platform, Hey Pago, has established itself as the sixth-largest acquirer in Mexico.

With its official launch, Hey Banco will join bineo (Banorte) and Openbank (Santander) as one of the latest digital banks to emerge from traditional financial institutions. Grupo Regional, which owns Banregio, reported a 14% increase in net profit and credit growth in 2024. Rivero noted particularly strong performance in business and consumer lending, driven by higher-value loans.

Looking ahead to 2025, Grupo Regional anticipates double-digit growth in loans, deposits, and profitability, despite facing a challenging economic environment.

Rivero also addressed potential challenges, including the impact of Donald Trump’s second term and the possibility of trade tariffs. While the temporary suspension of tariffs has alleviated immediate concerns, he emphasized the importance of ongoing dialogue with clients to evaluate potential effects.