HSBC Mexico wants to take advantage of the sale of Banamex

HSBC Mexico wants to take advantage of the sale of Banamex

To offer better services and thus add more clients to its portfolio, the bank plans an investment of more than 100 million dollars this year to strengthen its digital platform, mobile platform, ATMs and branches.

“We are interested in having the opportunity for more competition, we want a market with much more competition, much less concentrated, where all players have the opportunity to offer Mexicans the best services at the lowest price,” said the manager.

To offer these improvements to customers, HSBC does not rule out making alliances with fintech companies or buying companies in the short term. The requirement will be to improve costs, management and quality of service. Jorge Arce made extensive the request of the Association of Banks of Mexico (ABM) to have a level floor with these companies. He assured that the banks do not want privileges, only the same regulation as technology companies.

When questioned about the placement of credit in the coming months, Arce pointed out that although there has been a recovery in credit demand, it is weak on the part of large companies. The reason? Few investment projects

“Investment is very weak, consumption is strong, services are already improving rapidly. It will take time for SMEs because many have disappeared, so it will take longer and I think that the only way to reactivate the SME part is working together with the public sector,” he said.

The banker stressed that Mexico is attractive in the eyes of foreign businessmen, mainly because of its geographical location, which could enhance production chains in the Atlantic and Pacific areas. However, this investment has not been seen due to the controversial electricity reform proposed by the federal government.

The president proposed to eliminate the autonomous organisms that regulate energy matters in addition to limiting the participation of foreigners.

“As long as the new legislation for the Mexican energy system is not fixed, investment will not come and a large part of the investment that we were seeing, was going to go to that sector in terms of power plants,” Arce pointed out.

The manager said that he hopes that the legislation will make the rules of the game clear, that businessmen will be allowed to participate and that the “vices of the past” will be corrected, otherwise investment will remain stagnant.

“No one says that it is perfect, but there must already be legislation, clear and very stable rules of the game in the future so that there are investments in this sector,” he said.

In addition, he stressed that the country must work to reduce the carbon footprint because polluting products will have a tax in the following years.

Arce gave as an example what the bank is doing in terms of sustainability: the bank’s cards are being made with recycled materials in order to reduce this footprint. Also in the placement of credits with green mortgages or the financing of hybrid and electric cars.

“We are going to continue investing in Mexico, we are energy users and we have full confidence in the country’s democratic process, full confidence in the country’s legislative process. It is a democracy. We know that we have to discuss things and what we want is that it be a solid and stable legal scaffolding,” he concluded.

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