GE Capital Bank is shifting its Mexican business strategy to greater lending to small- and medium-sized enterprises (SMEs), local daily El Norte reported.
"In the past we were focused on the corporate market, always doing tailor-made suits, but with the acquisition of Heller Financial in 2001, the door to the SME market has opened for us, but still with the tailor-made concept," GE Capital Mexico director Ricardo Phillips said.
Today only 25% of GE Capital's client base consists of SMEs but the bank aims to double that figure in two years, Phillips said.
GE's financial unit is very bullish on Mexico's future and last year's US$60m capital injection into the bank was a show of confidence in the local economy and a sign the company intends to continue its aggressive growth, he said.
However, expansion will take place on the back of organic growth and long-term relationships with clients rather than acquisitions, according to Phillips.
