Mexico bolsters financial ties with Canada

Mexico’s state-owned development bank is forging alliances with Canadian financial institutions to boost the stunted levels of commercial lending in the country, especially in the newly reformed energy sector where increased investment is required.

Banco Nacional de Comercio Exterior SNC, Bancomext, is ramping up efforts with domestic and foreign lenders, including Bank of Nova Scotia, Bank of Montreal, Canadian pension funds and Export Development Canada, to provide the capital needed to ensure the Mexican government’s wide-ranging reforms succeed in boosting growth and employment.

“We have a very important neighbour but I think we should look beyond our common neighbour to build our own relationships, to continue to grow the business and continue to grow our mutual understanding which in some ways is not as close as we think it should be," said Bancomext chief executive officer Enrique de la Madrid.

Source: BNN