Image credits: Rogelio Ramírez de la O on Twitter
News Article

Business Leaders Meet at BBVA Regional Advisors National Meeting

By María José Goytia | Wed, 06/15/2022 - 17:47

On Tuesday, June 7, the National Meeting of Regional Advisors 2022 of BBVA Mexico, the leading bank in the country, was held. The meeting was attended by multiple business leaders and advisors of the bank, as well as by BBVA's leadership at a global and national level.

During the 2022 National Regional Directors' Meeting, Eduardo Osuna, General Manager, BBVA Mexico, explained that BBVA surveyed 375 directors. Seventy-five percent of them responded that the perception regarding the economic outlook in the next 12 months would remain the same or worsen along with the global situation. Moreover, the survey detected that the greatest obstacle identified by the business community is Mexico's feeble rule of law, which has not provided the necessary certainty to let investment flourish. Sixty percent of the directors considered that the rule of law will be maintained or worsen in the next 12 months.

Despite the negative economic outlook, 88 percent of regional businessmen considered that their revenues will be maintained or increased in 2022. Osuna explained that the vision of the business community is summarized by "things are going to get worse [in the country], but not for my business."

Jaime Serra Puche, President, BBVA Mexico, commented that there is uncertainty regarding medium- and long-term political decisions. "In Mexico, we are experiencing something that I suppose they are also experiencing in Spain, where some sectors of the economy are evolving well and others are not. This is an important challenge for the bank: to promote advanced areas, but also those that are not as progressed," said Serra.

The meeting was also attended by Rogelio Ramírez de la O, Mexico’s Minister of Finance, who represented President López Obrador. Ramírez de la O shared a message of support toward the development of business plans, emphasizing that López Obrador's administration seeks to provide certainty to the banking sector. The finance minister recalled the president's words at the past Banking Convention in Acapulco, where he shared that for the rest of this administration, there are no plans to adjust the levels of banking commissions.

In addition, Ramírez de la O highlighted the federal administration’s social programs. "We are immersed in a financial inclusion program. The social programs of this administration, unlike the previous ones, are not going through a bureaucratic apparatus that administers the provision of benefits, but rather they are carried out by direct delivery.” Through this method, the minister hopes to draw more people to the banking system.

Carlos Torres Vila, BBVA’s Chairman, shared the progress of BBVA's investment objectives in Mexico. As part of its 2019-2024 plan, BBVA will invest around MX$13 billion (US$664.5 million) in Mexico, its main market, by 2022.

This investment is part of the MX$63 billion (US$3.22 billion) investment plan announced in 2019. "We are launching an ambitious investment plan for BBVA Mexico to provide the best service to our 26 million customers in the country and to contribute to Mexican society in general,” Torres said. In 2019, MX$9.87 billion (US$504.5 million) was channeled. In 2020, this amount was reduced to MX$8.67 billion (US$443.2 million) due to the pandemic, and in 2021 the figure rose to MX$10.67 billion (US$545.4 million). BBVA expects to inject the remaining MX$20.76 billion (US$1.06 billion) between 2023 and 2024. The main investment destinations are new products and processes, mobile digital offerings, infrastructure and security.

"We are firmly committed to a more sustainable and inclusive future for Mexico. We want to turn our purpose of making the opportunities of this new era available to everyone here in Mexico into a reality," Torres concluded.

The data used in this article was sourced from:  
SHCP, BBVA, El Financiero, El Economista, El Sol de México, Milenio
María José Goytia María José Goytia Journalist and Industry Analyst