Bank with an Automotive FocusTue, 09/01/2015 - 16:29
Recent developments in Mexico’s automotive industry have piqued the interest of many financial services companies, one of which is adapting its approach to the industry. Banamex has specifically developed a global, regional, and local understanding of the automotive industry because of the contribution that the sector has been providing for Mexico’s economy. “Although we do not measure the business that individual industries provide, we are highly aware of the importance of our automotive clients,” states Gonzalo Lourido, Director of Automotive Industry Regional Account Manager at Banamex. “Banamex is already working hand in hand with the main players in the industry, and we are trying to reach all the Tier 1 and Tier 2 companies that make sense for our coverage model in Mexico.” The benefit that Banamex can provide to those established OEMs and suppliers is in the existing global relationships it holds with them. “If we already have this relationship, we would immediately approach them and enable all credit and funding services, including the whole array of products that Citibank and Banamex can provide,” states Antonio Muñoz Gómez, Mexico Head of Global Subsidiaries Group. “When it comes to small- and mediumsized startup companies, that niche is not covered by our corporate bank, but is still serviced under our business banking sector.” The bank also has a global automotive industry head for Citigroup, who is always in coordination with the different countries that participate in the industry. “There are not many other banks that have a global industry head, so our structure allows us to service the industry on a greater level,” explains Muñoz. “We are in perfect coordination with our global team to access upcoming deals and stay ahead of the game.” Banamex now has the largest country coverage within the Americas, covering 23 countries in the region, which enables it to both capture funding opportunities and to help companies in Mexico access those markets. Now that automotive companies are exporting to the Americas and to Europe, Banamex is also keen to pursue that possibility with its services.