We are the first Chinese automaker to come to Mexico in 10 years after FAW’s failed attempt to enter the market. BAIC is now an example of the quality of Chinese vehicles. The fact that our units are now part of rental car operator Europcar’s fleet is evidence of our quality and competitive price standards. Working in a fleet means meeting quality and price standards or rental companies will not adopt these vehicles. BAIC started selling cars in Mexico in June 2016 and 22 dealerships across the country have opened since then. JAC is already in Mexico and other Chinese companies are looking for partners to help them enter the country. I think up to two new Chinese automotive companies will enter Mexico by 2H18. We assembled 500 cars in 2017 and our plan for 2018 is to finish another 1,000 and bring more vehicles ready for assembly.
Through digitalization, clients will be able to manage their vehicle purchases independently. This, in turn, will transform the role of salespeople, managers and even the entire distribution network. As providers of financing solutions, our role is now to educate clients on how to become part of the banked population, how to contract the most appropriate financing products and how these will work. Scotiabank is advancing significantly and should be considered a booster of digitalization in the banking segment. More than a year ago we created Digital Factory as a center of technology development focused on digital banking. This area is now in charge of transforming our business from a traditional model to address the mobile world. We take this project seriously and we do not consider it just one more division of Scotiabank.
