Manuel Romo, CEO of Citibanamex, reported that the bank has identified 25 companies with a presence in China that could eventually transfer part of their production to Mexico, in order to take advantage of the proximity to the United States and thus help reestablish production chains that were damaged as a result of the Covid-19 pandemic.

He reported that to explore this possibility, they have coordinated meetings of their managers with Mexican authorities, “these are companies that already have a presence in our country and that currently generate almost 900,000 jobs in China,” said the manager during a meeting with the media.

And he announced that in a next stage they will seek to bring in other companies that currently do not have a presence in Mexico.

In this sense, he said that structural changes in global trade open multiple investment and business opportunities for companies, as well as representing an extraordinary opportunity to strengthen regional integration.

He insisted that Mexico has an unbeatable geographic location, strong institutions, with international treaties, as well as logistical and fiscal support.

To this is added the trained workforce, “so it is a unique opportunity that must be seized to replace the productive chains of the United States.”

Investments, in the long term

He clarified that Citibanamex has had conversations with public sector authorities, who are leading these negotiations, but emphasized that the 25 companies with investments in the Asian country are clients of the bank with whom there is a trust forged over many years of work together and, if necessary, the bank would support the investment projects in which they decide to participate in Mexico.

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Afore Banamex

Asked about the bank’s opinion on the reduction of the commissions that the retirement fund managers will charge next year, Romo was emphatic that in Afore Citibanamex they are in constant conversations with Consar and Amafore.

“We are not against the lowering of commissions, but against the criteria for lowering it” and that will imply a change in the business scheme in the case of Afore Citibanamex and better customer service.

Many transnationals consider the convenience of moving part of their production and supply chains closer to the United States. Mexico is, without a doubt, a natural and very attractive option for several reasons ”.

Manuel Romo, CEO of Citibanamex.

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