Friday, June 18, 2004

U.S. Bank, Wells Fargo, Bank of America and Citigroup to Meet with Mexican President Fox and His Delegation in Minnesota on June 18

U.S. Bank, Wells Fargo, Bank of America and Citigroup to Meet with Mexican President Fox and His Delegation in Minnesota on June 18

U.S. Bank, Wells Fargo, Bank of America and Citigroup to Meet with Mexican President Fox and His Delegation in Minnesota on June 18

ST. PAUL, Minn.--(BUSINESS WIRE)--June 18, 2004--Through a partnership with the Institute of Mexicans Abroad, senior executives from U.S. Bank, Wells Fargo, Bank of America, Citigroup and Mexico's BANSEFI will participate in a historic visit with Mexican President Vicente Fox when he visits St. Paul, Minn. on June 18.

The Institute of Mexicans Abroad, (Instituto de los Mexicanos en el Exterior or IME), represents the interest of more than 25 million Mexican Americans residing in the United States, including ten million Mexican immigrants. The financial institutions meeting with Fox have worked with the IME to promote banking among Hispanics in the United States through town hall meetings in which the banks encourage individuals to be part of the financial system.

The meeting in St. Paul will be a formal but open conversation between the president and bank leaders about recent advances by banks to meet the financial needs of Mexicans living in the United States, current initiatives being led by President Fox and challenges that need to be addressed. Bank participants include: Richard Davis, vice chairman of commercial and consumer banking for U.S. Bank; John Stumpf, executive vice president of community banking for Wells Fargo; Steve Freiberg, chairman and chief executive officer of Citi Cards at Citigroup; Javier Palomarez, senior vice president of multicultural marketing at Bank of America and Javier Gavito, chief executive officer of BANSEFI (Banco del Ahorro Nacional y Servicios Financieros).

The participating financial institutions have offered access to financial services by: accepting the Matricula Consular (the official identification of the Mexican Consulate); providing a safe, secure and efficient service to send remittances to Mexico at low market prices and supporting Hispanic communities through grants and endowments to make these communities desirable places to live, work and raise families.

The issuance of the Matricula Consular by the Mexican government in the United States has increased the access of migrants to the financial system. Today, this secure document is recognized as a valid identity document in 32 states and more than 300 banking institutions, which are now offering financial services in the Hispanic market. The financial institutions participating in this meeting are creating innovative financial products for Hispanics. In 2003, 40 million remittance transactions were sent from the United States to Mexico, and it is estimated that banks have captured three percent of this market. There are more than eight million Mexicans living in the United States and it is estimated that five percent have bank accounts.

In 2002, the Mexican government created the BANSEFI to open bank accounts in Mexico to the unbanked population. They also formed a commercial alliance with the popular savings and credit sector institutions (credit unions) called L@ Red de la Gente to bank individuals who currently do not have access to the formal financial system in Mexico.

U.S. Bank is a subsidiary of Minneapolis-based U.S. Bancorp (NYSE:USB). With assets of $192 billion, U.S. Bancorp is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 ATMs in 24 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. Visit U.S. Bancorp on the web at

Media note: Representatives will be available for interviews before and after the event, however the actual meeting is not open to the media.


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