Federal Government seeks to rescue Banamex acquis, including Casa del Mayorazgo in SMA

Published January 19th, 2022

After Citigroup announced its exit from service banking, the National Bank of Mexico (Banamex) became a topic on the public agenda, not only because of businessmen but also because of the interest generated by its cultural heritage.

Paintings, sculptures, porcelain, and even Mexico’s colonial buildings are part of the complete sale of Banamex, which is why Mexico’s Secretary of Foreign Affairs (SRE), Marcelo Ebrard, proposed that the entire collection become part of the Mexican State.

The Banamex archive includes close to 2,000 paintings from the 18th to the 21st centuries, with works by artists such as Frida Kahlo, Gilberto Aceves Navarro, Gerardo Murillo Dr. Atl., Remedios Varo, Leonora Carrington, Diego Rivera, David Alfaro Siqueiros and José Clemente Orozco.

It also includes iconic works such as Diego Rivera’s Desfile del 1 de mayo en Moscú; Frida Kahlo’s Los frutos de la tierra, and David Alfaro Siqueiros’ Mujer con metate.

Con el anuncio del próximo cambio de propietarios de Citi- Banamex estaré atento, a la integridad y destino de la Fundación Cultural Banamex y el importante patrimonio cultural que la integra. En mi opinión debería pasar a propiedad nacional para su preservación.

— Marcelo Ebrard C. (@m_ebrard) January 16, 2022

“It could be a retribution to the enormous and unfair support we taxpayers have given with the substantial annual payments to cover the IPAB promissory notes, better known as FOBAPROA,” he wrote on his Twitter account.

Fomento Cultural Citibanamex also has in its possession the preservation of historical sites, among which stands out the Palacio de Iturbide, converted in 2004 into the Banamex Palace of Culture after an investment of 40 million pesos (2 million dollars).

Other properties and buildings that make up Banamex’s architectural heritage are: the Foro Valparíso, in Mexico City’s Historic Center; the Casa Montejo Museum in Mérida, Yucatán; the Palacio del Conde del Valle de Súchil in Durango; and the Casa del Mayorazgo in San Miguel de Allende.