Banorte Would Summon Citizens to Save Banamex

Citi’s decision to terminate banking operations via Banamex left the Mexican bank adrift. Banorte, Mexico’s second largest bank, studies an operation that could summon the Mexican population to promote investment.

Ready? Here’s the Week in Finance!

Banorte Clarifies Its Intentions Regarding Banamex’s Future

“Once the conditions for the sale of Citibanamex are disclosed and a solidly supported analysis is carried out that proves that its purchase could be beneficial for its shareholders and for the country, Grupo Financiero Banorte (GFNorte) would convene Mexican citizens, families and businessmen to recover the National Bank of Mexico (Banamex) and form a Mexican banking champion,” said Banorte via a press release according to EFE. Banorte’s also holds several concerns regarding the operation, especially the way Banamex is going to sell and the interest of people, companies and clients to participate in Banamex.

Business Financing Still in Development

Andrew Endicott, Co-Founder & GP, Gilgamesh Ventures, stated that Mexico and Latin America are suffering important changes regarding B2B markets, as companies change the landscape of how businesses will pay, borrow, lend and transact in the coming decades. For SMEs, especially in Mexico and Latin America, complexity between vendors, suppliers, customers, lenders and borrowers has forced these players to lag in different industries. Xepelin and Mundi are two companies that have taking a step forward in tackling these disadvantages through user-friendly platforms.

Tackling Liabilities That Come With Payment Fraud

Susana González, Regional Director, Vesta, explained that the company is developing vital solutions to tackle payment fraud in Mexico. “Vesta has a comprehensive, automated solution that can verify each transaction on a digital platform. The solution connects data points and verifies historical data to guarantee that no fraud is occurring. It also increases the approval rate of these transactions. The key for Vesta is its focus on real-time approval of transactions with as little friction as possible for customers during their purchase journey.” The solution is designed to increase approval rates, reduce false positives and examine each transaction.

Adequate Employee Wellness Strategies

Improving the financial health of millions of Mexicans can only be done through strategies from companies that consider financial solutions as part of their employee wellness strategy. Offerings of this sort also represent more attractive products for employees than those offered by external banks or financial institutions, according to Nima Pourshasb, CEO, Nimu. “The workplace bank will become a key part of employee financial wellness strategies, resulting in stronger employee-employer relationships, more engaged and happy employees and a much-needed improvement of financial health in society,” said Pourshasb.

Clara’s Objectives Adequately Listed, Now a Reality

Gerry Giacoman, CEO, Clara, explained that the company wanted to provide all the services companies and entrepreneurs always wanted to have. “We work to help companies to be more competitive while remaining agile and maintaining financial clarity. We set up our own infrastructure and license with Mastercard to issue credit cards.” Clara is also the first corporate credit card not related to a bank that can be obtained in less than 24 hours.