e-ISSN 2007-3496 América Latina en la Historia Económica, 28(2), 2021, 1-22 http://dx.doi.org/10.18232/alhe.1174 Article The Hostile Takeover of the Banco de Comercio of 1954: Collision and Collusion between Mexican Political and Business Elites La compra hostil del Banco de Comercio en 1954. Colisión y colusión entre las elites políticas y empresariales mexicanas Andrew Paxman1, * 0000-0001-6489-4881 1 Centro de Investigación y Docencia Económicas, Ciudad de México, México. * Correspondence:
[email protected] Abstract. The hostile takeover of the Banco de Comercio in 1954 made way for the era of Manuel Espinosa Yglesias, who would transform the bank into Mexico’s largest. However, the episode is more historically notable for what happened behind the scenes: the rst large-scale hostile takeover in Mexico; the fact that those who lost control of the bank numbered among the country’s most powerful businessmen; the illegal participation as chief purchaser of the foreign citizen William Jenkins, and, as this article argues, the state’s approval of the deal on the basis of the distinct political aliations and relationships of the parties involved. Overall, the episode oers a case study in Mexican state-capital interdependence. Key words: banks; nancial policy; foreign investment; private sector; regulation. Resumen. La compra hostil del Banco de Comercio en 1954 dio lugar a la época de Manuel Espinosa Yglesias, quien hizo de este banco el más grande de México. Sin embargo, el episodio destaca históricamente más por lo que pasó tras bambalinas: la primera compra hostil de gran escala en México; el hecho de que CÓMO CITAR: Paxman, A.