Grupo Financiero Inbursa, S.A.B. de C.V.

Grupo Financiero Inbursa takes in Mexican peso deposits and puts them to work across three businesses at once — loans, insurance underwriting, and investment products — all held under a single financial holding licence issued by Mexico's CNBV that keeps every peso of capital on one shared balance sheet. Because CNBV treats the three pools as one supervisory unit, a quarter when Banco de México rate moves squeeze loan spreads can be cushioned by insurance underwriting income, and a quarter of heavy insurance claims can be offset by the loan book — a cross-subsidisation mechanic that a pure-play bank or a foreign entrant cannot replicate until it has obtained all three licences separately and passed CNBV's combined capital review, a process that takes years. Dollar-denominated lending cannot simply grow by attracting more peso deposits, because CNBV's currency-matching rules cap how much of that peso funding can bear foreign-exchange mismatch, so the ceiling on that part of the business is set by regulation rather than by customer demand. The same structure that makes cross-subsidisation possible also means that a sharp peso devaluation — which would hit loan losses, insurance claims, and fund redemptions simultaneously — would land on a single undivided capital base, with nothing ring-fenced between the three pools to absorb the blow.