 The process of institution building in the financial sector in Mexico has evolved hand in hand with the efforts of financial liberalization and of inserting the economy more fully into world markets.Over the recent years, there has been a wave of acquisitions by foreign institutions such as US-based Citigroup, Spain's BBVA and the UK's HSBC.Their presence, along with a better regulatory framework, has allowed Mexico's banking system to recover from the 1994–95 peso devaluation.