On October 27, 2022, Edgardo del Rincon, chief executive of Banco del Bajío (BanBajío), a regional bank that operates in the central manufacturing states of Mexico, stated that nearshoring has led directly to a growth in the bank’s credit portfolio of Ps10 billion ($510 million) – equivalent to about 5% of its portfolio.
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What is so interesting about this isn’t just that it is unambiguous proof of the phenomenon playing out in the Mexican economy, it is also that these regional banks – Banregio is also seeing credit demand coming from nearshoring – aren’t typically the financiers of the international companies that are investing in new Mexican operations.
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