Plaza Scotiabank in Mexico City.
The governor of Mexico’s central bank forecast a couple of weeks ago that the recent surge in violence would not deter foreign investment. Given several announcements this week, Agustin Carstens, head of the Bank of Mexico, may be right.
Today, Canada’s Scotiabank announced it would invest 3.6 billion pesos (US $267 million) over the next five years, and that it would expand its lending programs in the energy sector to US $10 billion over the same period.
The bank plans to invest mainly in improvements to online and mobile banking.
In an interview with El Financiero, the bank’s president and chief executive officer said Scotiabank, like nearly all foreign investors, views the structural reforms as important for Mexico and it believes the government is on the right track.
Brian Porter acknowledged that security is a concern but believes the government is working to address the issue, and it doesn’t detract from the bank’s view that Mexico is a good place to invest.
Scotiabank has more than 13,000 employees in Mexico.
In the past five years it has helped finance energy projects to the tune of $4 billion.
Earlier this week, the Mexico Business Summit being held in Querétaro was the scene of a few new investment announcements, including one by the developer Altozano. It plans to invest $450 million in new infrastructure in the state capital.
Kellogg’s Mexico will invest about $52 million in developing innovation, sustainability and productivity programs. The firm, which has been operating in Mexico for more than 60 years, said it will invest in the development of nutritious products for young and old that promote a healthy lifestyle.
Two firms plan investments in the automotive sector: Nexteer Mexico with $40 million and Etxe Diseño with $10 million. Yesterday, Chinese telecommunications firm Huawei released details of its plans to spend $1.5 billion on innovation and training centers.
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