Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.
Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.
The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Financials & FinTech research

Mexican Banks – BanBajio Back in the Spotlight

Primer: Regional SAB de CV (RA MM) - Jan 2026

BanBajio (BBAJIO:MM), Time to Close Out the Long Position

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We make a Mexican midcap bank exchange; we upgrade BanRegio to a buy in Mexican banks, and remove BanBajio from the buy list downgrading it to a neutral</li>
<li>We see the combination of BanRegio’s 40%+ PBV ratio discount, its modest PE multiple with low PEG ratio and its top scorecard ranking as indicators of a value buy signal</li>
<li>BanBajio, now neutral rated, has seen its share price re-rate and consequently it now trades at a tighter, and therefore less attractive, PBV ratio discount relative to Banorte</li>
</ul>


We make a Mexican midcap bank exchange; we upgrade BanRegio to a buy in Mexican banks, and remove BanBajio from the buy list downgrading it to a neutral
We see the combination of BanRegio’s 40%+ PBV ratio discount, its modest PE multiple with low PEG ratio and its top scorecard ranking as indicators of a value buy signal
BanBajio, now neutral rated, has seen its share price re-rate and consequently it now trades at a tighter, and therefore less attractive, PBV ratio discount relative to Banorte


Grupo Financiero Banorte SAB d (GFNORTEO MF)

Mexican Banks – BanRegio (RA MM) Replaces BanBajio (BBAJIOO MM) In the Spotlight