El Banco Nacional de México

In the late summer of 1883 it was announced that Mr. Noetzlin would soon arrive from Paris to bring about the consolidation of the Banco Nacional Mexicano and Banco Mercantil Mexicano. Negotiations to that end were in fact initiated, and though several times they seemed to be on the eve of being broken off, the contract for the merger of the two banks was signed on 3 April 1884, when it was agreed that the consolidated bank was to be styled the Banco Nacional de México and to have a capital of $20,000,000 with 40% or $8,000,000 paid up. The Banco Mercantil Mexicano imprinted its prepotent stamp on the new establishment, its mangar, José V. del Collado being appointed in the same capacity to the Banco Nacional de México, with Ramón Usandizaga as chief cashier^{The first consejo was composed of the following Consejeros propietarios from the Banco Nacional Mexicano: 1º Antonio de Mier presidente, 4º José María Bermejillo, 5º Félix Cuevas, 14º Gustavo Strück  and 15º León Stein; and from the Banco Mercantil Mexicano 2º Nicolás de Teresa vicepresidente, 3º Benito Arena, 6º Antonio Escandón, 7º Genaro de la Fuente, 8º José Gargollo, 9º Manuel Ibañez, 10º Pedro Martín, 11º Juan J. Mtz. Zorrilla, 12º Rafael Ortiz de la Huerta, and 13º Francisco M. Prida. The Consejeros suplentes from the Banco Nacional Mexicano were 1º Francisco Iturbe and 2º Sebastián Camacho, and from the Banco Mercantil Mexicano 3º José María Roa Bárcena, 4º. Pedro Peláez, 5º Francisco Cortina, 6º Luis Lavie, 7º Pedro Suinaga, 8º Ricardo Sainz, 9º Eduardo Ebrard, and 10º Raimundo de la Mora. The Director was J. V. Collado, the abogado from the Banco Nacional Mexicano Pablo Macedo and from the Banco Mercantil Mexicano Indalecio Sánchez Gavito. The Junta de Paris were E. Dumeau, E. Huard, H. Levy Cremieux and E. Noetzlin (Suprema Corte de Justicia de la Nácion, Ignacio I. Vallarta, Archivo Inédito, 131)}.

An improved concession was given to the new bank (the concession was signed on 15 May 1884 and approved by Congress on 31 May 1884), whereby it was assured a practical monopoly of the issue privilege throughout the Republic, becoming also the financial agent of the government and its intermediary for the settlement and subsequent service of the public debt. The bank disclaimed any intention of driving other banks out but defended this monopoly on the ground that in a country like Mexico, whose immediate development was likely to be rapid, the multiplicity of issues would be liable to lead to inflation and the abuses of credit.

The unusual concessions granted to the Banco Nacional de México affected the Banco de Londres, México y Sud-América and certain banks in Chihuahua and Yucatán.

The building housing the headquarters of the bank, at the corner of calle [                           ] (now calle de Venustiano Carranza) and calle Isabel la Católica, was ordered constructed by Miguel de Berrio y Zaldívar between 1769 and 1772 and known as the Casa de los Condes de San Mateo de Valparaiso. It was modified by the Banco Nacional in 1884, by removing one of the floors.

During its period as a bank of issue the Banco Nacional de México was responsible for issuing almost half of the banknotes in Mexico.

Under Obregón decree of 31 January 1921 the Banco Nacional de México was placed into Class A (for banks whose assets were greater than their liabilities) and allowed to resume all customary operations except the issue of bank notes.