Banorte is ready for Tesla’s arrival in Mexico and to finance both governments and companies.

“We are ready to support not only Tesla, but also state governments in creating infrastructure,” said Carlos Hank, chairman of the board of Grupo Financiero Banorte, in an interview.

The Mexican businessman emphasizes that Tesla’s arrival is a historic opportunity for the country and that the bank is ready to support SMEs seeking to set up a cafeteria for employees, offer products such as payroll services, or provide loans to new plant workers.

Hank believes that nearshoring should benefit companies in Mexico and not just in the northern region.

Although forecasts for the Mexican economy show signs of a slowdown in 2023, Hank believes that the arrival of new companies due to the nearshoring phenomenon will help boost the economy.

Banorte plans to invest around 13% of its annual revenue in technology and to provide credit to individuals and companies. In its 2023 guidance, Banorte estimated revenues of between 50.5 billion and 52.5 billion pesos.

“That’s 13% of revenue. The plan will continue to be to increase our revenue and, in the same way, increase investment in the country,” he said.

Read: https://expansion.mx/economia/2023/03/14/banorte-oportunidad-nearshoring-tesla