New head of Bancomext is named

New head of Bancomext is named The head of the Secretariat of Finance and Public Credit (SHCP), Luis Videgaray, announced Wednesday the appointment of Alejandro Diaz de Leon Carrillo as the new Director General of the National Foreign Trade Bank (Bancomext), after this institution was found headless following recent changes in the presidential cabinet late October. Diaz de Leon will have to promote credit particularly for small and medium enterprises (SMEs) seeking to place their goods in other markets abroad, in addition to continuing funding for tourism-related and health business in the country. The new director was serving as head of the Public Credit Unit of the Ministry of Finance, a position that will be covered by Alberto Torres Garcia and will have to be ratified by the Mexican Senate.

“As was raised in the financial reform in an economy like Mexico, where domestic financing to the private sector is low as a percentage of GDP, the development bank is called upon to play a strategic role as a catalyst for development and economic growth”, said Diaz de Leon for his appointment. He continued: “In this effort, it should promote the participation of private banks in lending to sectors and segments inadequately treated. These actions can overcome barriers of access to finance mainly affect small and medium enterprises and some sectors and regions”. The official also stressed that seek to take advantage of investment opportunities that take place in the country from structural reforms, passed last year; also it will seek more domestic companies are integrated into the value chains of large exporting companies.

“During the period in which Enrique de la Madrid headed the bank, Bancomext had last year, in 2014, a growth of 40% in direct credit and induced by the institution, since October this year brings growth and the bank 30 percent”, said on his part Luis Videgaray.

Source: T21