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Published on : Tuesday, July 18, 2017
In August last year, Bancomext supplied $700m in tier two subordinated preferred capital notes, to support its business of assisting Mexico’s exporters to perk up the foreign trade prospects of the country. CEO Francisco González and CFO Miguel Siliceo said that the importance of foreign trade is boundless and works as the engine of Mexican economy and Bancomext’s five goals to expand it – and discuss the bank’s ground-breaking bond issuance.
World Finance: Importance of foreign trade on the economy of Mexico…
Francisco González: Foreign trade is like an engine that controls the movement of a country. It comprises 60 percent of the GDP. Mexico is double the size of countries located in central and South America and looks like an immense manufacturing factory.
Bancomext is a development bank we have excellent tie-ups with all the major financial institutions of Mexico. We work with SMEs through these financial institutions. We provide assurance like to help banks to provide loans to those corporate companies in an improved interest rate, minimizing the risk and assisting to perform in a better way.
World Finance: As we all know that the mission of Bancomext is to develop Mexico’s foreign trade, and you’ve wrecked that mission into five goals, is that right?
Francisco González: Correct! Our first goal is to encourage more exports and to assist Mexican companies in selling more goods and services overseas
The second goal remains internationalization of Mexican companies. More and more Mexican companies are spreading worldwide. For example, we Bancomext, is the number one investor in Ecuador. Also, we are number one in Spain, after the European Union. Besides, Bancomext is one of the top three investors in the Philippines.
The third one is raising the value chain and making Mexican companies more aggressive: improving the capital expenditures, for example.
After that, Mexico is moving fast in direct foreign investment. As a result, we can attract more automotive industries to Mexico. Lastly, growing the potentialities of tourism, IT, and others, so that we can establish flourishing economy; not only in manufacturing, but also in the service sector.