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Latest articles from Mexico

Mexico

January 2, 2006

Banorte
Luis Peña Kegel, CEO

Confidence in Mexico is hard to shake

November 7, 2005

As the main political parties choose their candidates for next year’s presidential election, Monica Campbell reports on the contenders, and prospects for the economy and investment if they succeed.

Banorte: Mexico’s homegrown success

October 3, 2005

Banorte, Mexico’s fifth-largest bank, is doing well under the leadership of chief executive Luis Peña Kegel.Monica Campbell reports from Mexico City.
These days, Luis Peña Kegel, the 45-year old chief executive of Banorte, has reason to relax in his spacious Mexico City office. Talk about a strong year. In the second quarter of 2005, Banorte delivered earnings totalling $192m, a 249% jump compared to the same 2004 period.

Mexico’s credit card market speeds up

April 4, 2005

Credit cards are becoming more popular in Mexico but banks have barely scratched the surface of the potential customer base. Monica Campbell reports from Mexico City on how lenders are grabbing a share of this huge market.
While Mexicans do not yet face the blizzard of credit card deals seen in wealthier nations, the credit card culture there is catching on fast and commercial banks are jockeying to get their share of the action.

Finance Minister Americas

January 3, 2005

Francisco Gil Diaz, Finance Secretary, Mexico

Report condemns Mexican banks

October 4, 2004

Foreign banks are under attack in Mexico for charging high fees although the criticisms have been rejected by the Mexican Association of Banks. In September, Oscar Levin, head of the Mexican government’s banking consumer protection agency, sided with those taking a bleak view of Mexico’s banking system by delivering a report that slammed the institutions for charging high financial service fees.

Mexican bank accord eases bad debt spat

August 2, 2004

One of the thorniest chapters of Mexico’s 1994-95 financial meltdown may be closing. In mid-July, four of the country’s biggest foreign-owned banks – Citigroup-controlled Banamex, HSBC of the UK, BBVA Bancomer, the local unit of Spain’s Banco Bilbao Vizcaya Argentaria, and Mexican-run Banorte – agreed to absorb nearly $830m in bad loans that the government took on in return for bonds in order to help save the banks following the peso crash.

Chase is on for the whole enchilada

June 2, 2004

Mexico’s prospects look bright but, as Monica Campbell reports, politicians are resentful that the dominant – and prosperous – foreign banks are not doing enough to help the local population.

Mexico looks for more global trade

May 3, 2004

Mexico’s economy has turned a corner, says finance minister Francisco Gil Díaz. However, much still depends on its giant neighbour, the US.
After several years of economic stagnation, Mexico appears to be turning a corner. The manufacturing industry, led by the maquiladora (in-bond assembly for export) sector, is hiring again. Exports earnings, including those generated by the crucial oil sector, are also up – no small thing, considering exports make up about 25% of Mexico’s economic activity. Interest rates are also trending down and inflation is under control.

Crisis? What crisis?

November 3, 2003

Political upheaval can translate into easy money for the financial sector – despite what the bankers might say, argues Jonathan Wheatley.

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