HSBC the lowest ranked bank in Mexico

Condusef, Mexican financial products watchdog, released a study looking at credit card transparency that showed the Mexican unit of HSBC bank earned a failing grade. HSBC obtained the lowest rank in the review of 18 banks that looked at the contracts clients must agree to, banks' websites, credit card statements, and credit card advertisements.

Spain's BBVA, the leading bank in Mexico, scored highest in the study at 8.6 points. Canada's Scotiabank was second with 8.2 points. Meantime, HSBC, Mexico's fifth-largest bank, was rated 4.5 out of 10 in the study.

"Five (banks) failed in terms of being rated below five," said Condusef director Jose Maria Aramburu. The other four banks rated below five were minor local players.

In this regard HSBC official responded that the information in the research was out of date and clients are now provided with more transparent information while the bank's website also was improved.