Posted 04 April 2013 - 09:57 AM
Posted 04 April 2013 - 12:17 PM
Posted 04 April 2013 - 01:50 PM
Milenio's Mota did provide some of the reasoning making the rumor plausible.
However, corporate spokespeople around the world, like politicians, are known to deny with a straight face what they are planning to do.
This is not to deny that HSBC Mexico is a plum in the HSBC group!
from the Financial TImes (London), March 20, 2013 http://www.ft.com/in...l#axzz2PWK6Z8DL
Yet banks operating in Mexico are very profitable. Banco Santander and BBVA Bancomer, its Spanish rival, both have a return on equity of about 20 per cent – approximately twice the amount that their parent banks in Europe can muster. Little wonder that BBVA’s Mexico arm now accounts for about a third of the bank’s global profits.
In an interview last year, Agustín Carstens, central bank governor, said that the mix of Mexico’s higher growth rates and the strength of the banking system – all are well capitalised, and barely felt the sharp 2009 contraction – will finally produce the sort of sustained expansion needed to raise the country’s potential GDP.
“It has been hard work, but the conditions are now in place for the banking sector to do its job as a catalyst of growth,” Mr Carstens said.
Indeed, many banks have already started. Santander, for one, plans to open 100 new branches this year throughout the country. HSBC has just decided to pour $500m into Mexico to fund expansion and Citi, through its local Banamex subsidiary, is busy rolling out an aggressive credit card campaign that has so far resulted in the issuance of 900,000 credit cards over the past year.
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users