Holding Monex

Holding Monex is a Mexican foreign exchange company that specializes in international transactions and payment services for commercial clients. It is one of the largest dedicated foreign exchange companies providing a number of payment and forex related financial services to both companies and individuals.

This article is about the Mexican financial firm. For other companies with similar names, see Monex (disambiguation).
Holding Monex
TypePrivate company
BMV: MONEXB
IndustryFinancial Services
Founded1985
HeadquartersMexico City,
Mexico
Key people
Héctor Lagos Dondé (President and CEO)

Héctor Lagos Cué (Founder and Honorary Chairman), Mauricio Naranjo (Assistant Managing Director of Monex Internacional), Moisés Tiktin Nickin (Executive Managing Director of Business),

Javier Cayón de la Vega (Executive Managing Director of Operations and Finance)
ProductsForeign exchange, international transactions, payment services, deposits, trade finance, loans, prepaid cards, remittances
Revenue4.47bn Mxn (2012)[1]
1.03bn Mxn (2012)[1]
WebsiteCompany website

History

Founding

Holding Monex was founded in 1985 by Hector Lagos Donde, who still serves as company president.[2] Holding Monex (also known as Monex) was founded as a conglomerate, which now includes Grupo Financiero Monex, Intermex, Sí Vale and recently acquired Tempus Consulting,[3] and Monex Europe.[4]

The group is one of the world's largest providers of commercial foreign exchange, delivering 850,000 annual transactions including international payments and foreign exchange, representing an annual volume of USD 109bn. By 2010 the company had 43 offices, including one in Houston, Texas, and served more than 40,000 clients.[2] It also provides banking services to foreigners visiting or doing business in Mexico.[5]

Public company

In 2010 Holding Monex became listed on the Mexican Stock Exchange with an initial public offering of 391.11 million shares worth a total of 2.198 million pesos, with 50,000 Series A shares representing the capital fixed minimum and 399 million retired 950,000 shares of Series B corresponding to the variable. It entered the market with four direct subsidiaries: Monex Grupo Financiero, Pagos Intermex, Prestaciones Universales, and AdmiMonex. That year Holding Monex also acquired the firm Tempus Consulting, Inc.[6] Monex joined the exchange as a part of the Sociedad Anónima Promotora de Inversión Bursátil program as the second company to do so in the history of the program.[7]

In 2011 the company participated in a program to guarantee homes to 20,000 untaxed or informal workers in Mexico, an initiative launched by Mexican President Felipe Calderon.[8] By 2013 Holding Monex was operating in forty cities, operating in the US, Europe, and Mexico.[9] In July 2012 it acquired UK based retail foreign exchange provider Schneider Foreign Exchange, this became its European subsidiary when it was renamed Monex Europe.[10]

Operations and financials

Monex is a publicly quoted company (BMV: MONEXB) headquartered in Mexico with assets of USD 2.8 billion, net assets of USD 280 million and 2,310 employees across operations in Mexico, the United States and Europe. Monex maintains open trade credit lines and credit for USD 280 million, has USD 379m in Assets Under Management in private and public funds, and holds USD 2.9bn of client investments.[11] Monex is a financially regulated entity in all the countries in which it operates including the United States, Mexico, the United Kingdom and Spain. It has 392.7 million outstanding shares amongst its investors and a market cap of $7.3 billion.[12]

Qualifications

In November 2012 the Fitch Group issued an "A (mex)" rating on its scale for Holding Monex and stock certificates under the ticker MONEX 12. It also issued similar ratings for its subsidiaries Banco Monex SA, Institución de Banca Múltiple, and for Monex Casa de Bolsa, SA.[13] In 2013 Standard & Poor's affirmed its ratings of "mxA" and "mxA-2" for Holding Monex as well.[14]

Certifications

Grupo Financiero Monex has an International Standard of Quality ISO 9001:2000 Certification in Prevention of Money Laundering and Integral Risk Management, for money laundering prevention for each of its financial products. This certification was also given to Monex Securities, a subsidiary of Monex Casa de Bolsa, Monex Grupo Financiero based in Houston, Texas. It is the only Mexican international stock broker with the certification.[15] Monex also has an International Standard of Quality ISO 27001:2000 Certification, in the Safety Management System of Information, for the protection of confidentiality, integrity and availability of information of Grupo Financiero Monex´s customers in their information systems.[16]

Monex is at risk of losing these certifications after thousands, if not millions of dollars went missing from clients:,[17][18]

Corporate social responsibility

The Mexican Center for Philanthropy and AliaRSE has granted Monex its Socially Responsible Company award.[19][20] It has also been selected as one of the best companies to work for in Mexico by the Great Place to Work Institute.[21] In 2005 Grupo Financiero Monex joined the ONU Global Compact that promotes positive activity in the areas of human rights, labor rights, environmental rights, transparency, and anti-corruption.[22][23] In 2011 the company participated in a program to provide households to 20,000 informal workers in Mexico, an initiative launched by Mexican President Felipe Calderon.[24]

2012 Federal election in Mexico
Main article: 2012 Mexican general election

During the 2012 Federal Election in Mexico, it was alleged that pre-paid Monex cards were distributed by the Institutional Revolutionary Party (PRI) to prospective voters before the election and that Monex may have facilitated the funnelling of illegal campaign contributions the PRI through the accounts of its customers.[25][26] However the TEPJF, Mexico's highest election-law court, ruled unanimously to reject the allegations of fraud. They ruled that there was "no proven vote buying, no evident coercion or illicit inducement."[27]

References
  1. "Holding Monex Sapib De Cv-B: Financials". BusinessWeek. Retrieved June 6, 2013.
  2. Martin Hernandez (October 6, 2010). "Los productos financieros de Monex se internacionalizan". El Universal. Retrieved June 6, 2013.
  3. "Global M&A Advises Global Financial Services Leader on Monex Acquisition". Global M&A. 2011. Archived from the original on 2011-08-26.
  4. "Holding Monex SAPIB de CV Acquires 100% Stake in Schneider Foreign Exchange Limited". reuters.com. 2012.
  5. Isabel Mayoral Jiménez (September 16, 2010). "Positivo regular operaciones con dólares". CNN. Retrieved June 6, 2013.
  6. Alma Saavedra (July 11, 2010). "Monex llega a la BMV bajo la figura de SAPIB". El Economista. Retrieved June 6, 2013.
  7. "Mexicana Monex registra sus acciones en la bolsa local". Reuters. July 12, 2010. Retrieved June 6, 2013.
  8. Nacha Cattan (November 23, 2011). "Mexico to Offer 20,000 Housing Credits for 'Informal' Workers". BusinessWeek. Retrieved June 6, 2013.
  9. "Holding Monex SAPIB de CV". Financial Times. Retrieved June 6, 2013.
  10. "Holding Monex SAPIB de CV Acquires 100% Stake in Schneider Foreign Exchange Limited". reuters.com. 2012.
  11. "Holding Monex Official Site". Holding Monex. 2012. Archived from the original on 2013-08-24. Retrieved 2013-08-08.
  12. "Holding Monex Sapib De Cv-B (MONEXB:Mexico)". BusinessWeek. Retrieved June 6, 2013.
  13. "Fitch ratifica las calificaciones de Holding Monex y las de sus subsidiarias operativas". BNamericas. 3 December 2012. Retrieved 12 June 2013.
  14. "Standard &Poor's confirma calificaciones de 'mxA' y 'mxA-2' de Holding Monex; la perspectiva es estable"". web oficial de Standard &Poor’s. 31 May 2013. Retrieved 12 June 2013.
  15. "En prevención de lavado de dinero recibe ISO 9001 MonexSecurities". Reforma. 15 November 2011. Retrieved 12 June 2013.
  16. "Sitio web oficial de Grupo Financiero Monex". Retrieved 12 June 2013.
  17. https://www.bloomberg.com/news/articles/2019-05-23/expats-millions-in-life-savings-disappear-from-mexican-accounts
  18. http://www.atencionsanmiguel.org/2019/04/17/el-caso-monex-miles-tal-vez-millones-de-dolares-de-extranjeros-en-san-miguel-desaparecidos/
  19. "Al invertir se puede cuidar el medio ambiente y obtener rendimientos". El Economista. 23 June 2009. Retrieved 12 June 2013.
  20. "Cemefi entrega sus distintivos a empresas responsables". Mundo Ejecutivo. Retrieved 12 June 2013.
  21. "2012 The Best Companies to Work For in Mexico with 500 to 5,000 employees". Sitio web oficial de Great Place toWork. 2012. Archived from the original on 29 May 2013. Retrieved 12 June 2013.
  22. "Se lleva a cabo con éxito el Taller del Modelo de Gestión del Pacto Mundial en el D.F." Red Pacto Mundial México. 29 March 2012. Retrieved 12 June 2013.
  23. "Grupo Financiero Monex, trazando una ruta a través de la ética empresarial"". ExpokNews. 24 February 2012. Retrieved 12 June 2013.
  24. "Mexico to Offer 20,000 Housing Credits for 'Informal' Workers". BusinessWeek. Retrieved 6 June 2013.
  25. "Mexican 'democracy', US-Style (Op-Ed)". RT. July 16, 2012. Retrieved June 7, 2013.
  26. Jo Tuckman (July 19, 2012). "Mexico presidential runner-up alleges money laundering in election". The Guardian. Retrieved June 7, 2013.
  27. "UPDATE 2-Mexico electoral judges reject challenge to Pena Nieto victory". Reuters. 31 August 2012. Retrieved 31 August 2012.
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