Mexico will have to adapt to a stage of tariffs imposed by the United States, according to the director general of Banorte, Marcos Ramírez Miguel, after the White House reaffirmed that the threat of President Trump is still standing to apply a 25% rate from February.
“We hope to see what it ends, but obviously if that is reached and stays, then we will have to live with it,” he said at a press conference to present the bank’s financial results in the fourth quarter of 2024.
Ramírez Miguel said that if tariffs are completed, we will live “as we have lived with a thousand more things” and those that Mexico has had to adapt.
However, he acknowledged that margins in the economy will have to be reduced and that there would be an inflationary impact.
“There will be many edges that we will have to see, but the only thing I assure you is that the country will move on and we also lend,” he said.
Ramírez Miguel said the bank and especially Banorte are in good position to face the challenges promoted by Donald Trump’s policies.
“Mexican banks are fine, but I will talk about Banorte, we are better positioned than ever, we are with the best capital, the cleanest capital, we are left over in capital,” he said.
This Tuesday the White House spokeswoman, Karoline Leavitt, said that on February 1 it is still the date planned for the entry into force of 25% tariffs that Trump announced for Mexico and Canada, although she mentioned that the cooperation of the Government of Claudia Sheinbaum has been historical and that any change of decision will be communicated immediately.
Trump not only threatened with tariffs, but on the day of his investiture he pointed out that the drug cartels operate in Mexico will be classified as terrorist groups. This designation could violate the Mexican financial system, according to analysts consulted by Forbes Mexico.
Ramírez Miguel commented that the regulations promoted by the National Banking and Securities Commission (CNBV), as well as by the Association of Banks of Mexico (ABM) are sufficient and ruled out radical changes.
“I do not believe (there are new regulations) and I speak to you honestly, that the legislation is very robust. I don’t think there is any change to legislation (…) talking about banking, ”said the manager.
He added that current laws are “super robust and super linked for many years.”
“Maybe, being honest, they ask us You get an alarm then you have to improve it, ”he said.
He spoke of money laundering and the participation of drug trafficking that operates in business and sectors of relevance for the national economy.
He mentioned that the laws and tools of money laundering prevention in the country comply with the “strictest” international controls, and with the permanent supervision of regulatory authorities, both national and international, in addition to relevant and continuous investments.
“We have spent a lot of money. In the case of Banorte we have a very robust money laundering prevention policy, which has been strengthened with all these investments that I tell you that they are continuous in governance structures, in human resources, ”he said.
“We have now put a lot of technology, and the entire operational part that allows us not only to comply with local regulation, but even go beyond the surveillance and supervision of our clients’ operations,” he added.
He added that the bank will continue vigilant and that it is “vaccinated”, although he acknowledged that he is not exempt.
“We are responsible, we feel very, very good. And everything that comes, if anything is new, some adaptation, we are prepared to do so, but in principle I can tell you that we are vaccinated and with zero risk in those segments and with a very strict policy of money laundering and we We have taken very seriously from a lifetime, ”he said.
Bank will participate with jobs for deportees
Ramírez Miguel commented that the bank will offer jobs to migrants expelled from the United States, in collaboration with the Business Coordinating Council (CCE).
“Yes, they told us about the CCE and we are all the companies, we are putting our grain of sand that I think it is as it should be and we are looking for what parts and how we can help them
To some of the nationals who come here, ”he said.
He added that “it is always about growing” and that migrants are a labor that can be used in certain sectors “and we are going to put our grain of sand.”
“And if all companies put it, because I think it will help the country a lot,” he said.
They expect economics to grow 1% in 2025
Alejandro Padilla, chief economist of Grupo Financiero Banorte, foresaw that GDP of Mexico will grow only 1% in this year, driven by domestic consumption, mainly.
“We have predicted 1% growth this year (….) The main engine that we have planned is that of consumption, where we still consider that the effect of social programs, labor market dynamics and remittances will be fundamental factors for This part of the economy, which is approximately two thirds, and then the other engine will be the external sector, ”he said.
He foresaw that exports can be increased at the beginning of the year, derived from an inventory accumulation of many of the companies in the United States.
In addition, a positive effect effect would be observed that helps competitiveness, and finally also an improvement in manufactures in the United States.
“For inflation we bring 4% with an underlying inflation of 3.5%. That will allow the Central Bank to continue with the interest rate cuts. We plan to cut 150 base points this year, to finish at 8.50%, ”said Padilla.
On the exchange rate, the economist said that a level of 21 pesos per dollar is expected and at the end of the year it would be at 21.40.
“Taking into account these factors that we have been talking and a decrease in the rate differential between Mexico and the United States,” he said.
Credit portfolio grows; The defeated falls
Regarding the bank’s financial results in the last quarter of 2024, the general director informed that Banorte’s credit portfolio advanced 14% adding 1 billion 179 thousand 656 million pesos.
Meanwhile, he pointed out that the defeated portfolio contracted at 1,04% to 0.93% per year.
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