In an emphatic bid to lift Mexico’s economic growth and put the country on a par with other large emerging economies, president Enrique Peña Nieto, in the year since he has been in office, has introduced more structural and legislative reforms, and more changes – in telecommunications, labour, education, financial regulation, taxation, political reform and energy – than the country has seen in a decade.
Troy Wright, CEO of Scotiabank Inverlat, Mexico’s seventh largest commercial bank by assets and Tier 1 capital, believes that the Mexican banking system as a whole – 45 banks in total – will benefit. “The old saying is ‘rising tides lift all boats’ – I would say the entire economy, and therefore all of the banks, regardless of size, will benefit from the general reforms,” he says in a telephone interview from Toronto, where the bank’s parent, Scotiabank, is based.
