Mexico creates board to head off financial crises

MEXICO CITY, July 28 (Reuters) - Mexico will create a board to identify dangers to the financial system and head off future crises, Mexican President Felipe Calderon said on Wednesday.

The Financial Stability Board will coordinate the response of other government agencies to threats like the 2008/09 global credit crisis, Calderon and Finance Minister Ernesto Cordero told a news conference.

"It will allow for the early identification of situations that could endanger the stability and solvency of the Mexican financial system," Cordero said.

Mexico's banking sector is dominated by international giants including Citigroup (C.N), Spain's BBVA (BBVA.MC) and Santander (SAN.MC), HSBC (HSBA.L) and Canada's Scotiabank (BNS.TO).

Mexico's banks weathered the financial crisis fairly well because they had no exposure to subprime loans, but their credit cards businesses and consumer loan portfolios were pinched by defaults as unemployment jumped. (Reporting by Noel Randewich and Jason Lange; Editing by Andrew Hay)