The country’s banking system is firm in meeting its commitments to Mexicans. Regardless of the change in administration, the sector is prepared to continue with this support to the country in a decisive manner, assured Manuel Romo, general director of Citibanamex.
When taking stock of the state of banking in a year of political transition, the banker stated that there have been decisive steps in financingcapture and financial inclusion. The entry of new participants, such as Fintech and neobanks, support this progress.
“There are always many things to do, but I see that a lot has been done and the bank is very well prepared to continue doing it,” he said in an interview within the framework of the 87th Banking Convention.
The challenges of the sector come from several fronts. On the one hand, banks have to develop strategies to protect customers from fraud, in addition to keeping the payment system away from possible cyberattacks. On the other hand, ensure that regulation does not lag behind players with 100 percent digital operations.
To continue with its work of providing financing and, in turn, promoting economic growth, Manuel Romo considered that it must work the rule of law to see a positive impact on the financial system and society in general.
“Another issue that seems very important to me, which goes hand in hand with the rule of law, is that we are in a unique moment for Mexico to attract foreign investments. I see that it is very important to find the conditions to encourage them to come with us,” he highlighted.
In this growth scenario, it could not be left aside nearshoring, investment trend that is a unique opportunity for Mexico because it has the conditions to be the country that benefits the most due to its geographical location and geopolitical situation; However, the manager urged not to forget that the country is in a competition to attract this capital.
To establish themselves in a country, companies ask for certainty and infrastructure. “You have to work on that. I think those two things would allow for much more accelerated growth in the country.” At this point he referred to a bank study in which they see intensive investments in road infrastructure, water and attention to security as essential.
With the above, in the vision of the general director of Citibanamex, the environment that is being presented for the country can be better taken advantage of in the future. In addition to the above, healthy public finances and maintain the independence of institutionssuch as the Bank of Mexico (Banxico) will make the potential be reached.
“Nearshoring can generate investments and growth for the entire population. Not just foreign companies that come to invest in Mexico to supply the United States, because they are operations that generate productive chains with companies, with SMEs, with workers. We have to take advantage of all this.”
In an environment in which the United States will share scenario with Mexico regarding elections, but until November, the manager pointed out that the trading partner will always be a very important variable, but although there may be instability in the medium and short term, the position of our country as a supplier to the northern neighbor means that the fundamentals are very positive and cannot be visualize greater risks.
Citi and Banamex trust in Mexico
Under the figure of a split, the country’s banking system It will have two new participants this year: Citi México and Banamex, with Manuel Romo being the one who will direct the second entity once the process is completed.
This does not keep the banker awake at night, as he trusts that there are no factors that can pause or stop these plans within the institution. Behind this is the team focused on making it happen, as well as hours of work to avoid any mishap.
“With all certainty Citi is going to be here. Banamex is going to continue here, it is going to be a public bank and we are going to serve a market and a national financial system that has enormous potential and we are seeing it right now.”
He added that instability is part of the business, but they are focused on continuing to serve their customers despite everything.
