Reshoring to Mexico brings new clients to Bank of America

This phenomenon is called reshoring or relocation, which refers to the return of operations of a business, which was moved from its place, to its original site, or another close to the market to supply, for logistical advantages, labor and lower manufacturing costs.

“Products that went to China at the time of its opening to the world in the 90s, are returning to Mexico with force, the automotive issue is very important; on the subject of electric cars, Mexico is being important; a Tesla car already has important national content, it is a fundamental industry,” the banker commented at a press conference.

He explained that other sectors that see strength in this return and interest in investing are infrastructure focused on industrial parks and fibers; that of regional banks that are going to benefit from this fact.

He also highlighted the food industry focused on consumption and retail, as well as the health industry; electronics (semiconductors) and plastics.

Romano explained that the franchise in Mexico regularly covered the largest multinational companies, that is, companies with more than 2 billion dollars in sales, but as of this year they expanded their attention to clients with sales above 500 million dollars. Dollars.

“We want to understand, each company is different, there is no tailor-made suit, we are a flexible bank, we can offer clients what works best for them; lend them in any currency; We can lend in dollars, convert them into pesos through a swap, there are advantages depending on the needs”, explained Romano.

He specified that clients are not requesting financing merely for balance, but credit to suppliers and coverage.

“We are making sure that we have the resources to meet the needs, it is an area of ​​growth for the bank,” the senior executive reported.