China’s fourth-largest bank by assets is pushing into the Mexican market, aiming to meet the needs of large Chinese companies increasingly eager to expand into Mexico, a senior executive said on Thursday.
Diego Folino, one of the executives leading Bank of China’s expansion strategy into Latin America’s No. 2 economy, said that for the first time the lender would provide several loan products, wire transfers and basic treasury services.
Bank of China Mexico received a license from the Mexican banking and securities regulator two years ago, but Folino said it only recently received approval to offer its services and would now seek out the largest Chinese and Mexican companies.
“There are about 70 strong Chinese companies already investing in Mexico and Chinese financial institutions must follow them,” Folino, the deputy chief executive of Bank of China Mexico, told Reuters in an interview.