Mexico's two biggest banks and most prolific securitizers - Banco Nacional de Mexico S.A. (Banamex) and Grupo Financiero Bancomer S.A. - are contemplating a merger. Banamex has presented a proposal to Bancomer's shareholders to merge both institutions through an exchange of shares.

Since 1996, both banks have issued over $1 billion in notes backed by credit card securitizations. The transactions feature a strong structure, financial guarantees from triple-A rated MBIA-Ambac International and a diversified pool of receivables, which made them attractive to local and foreign investors (ASRI 12/12/1999 p.3).

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