Mexico's financial leasing companies should issue 12bn pesos (US$1.09bn) in new loans in 2004, up 71% from an estimated 7bn pesos last year thanks to pent up demand from small- and mid-sized businesses (SMEs) eager to modernise their equipment.
Mexico's 16 factoring companies reported consolidated net income of 153m pesos (US$14m) during the third quarter of 2003, up 30% compared to the same period the year before, according to statistics released by the banking regulator.
The Mexican subsidiary of international ratings agency Moody's has assigned the factoring and leasing subsidiaries of local financial group Banorte a local currency rating of Aa1.mx.
Mexico's government has kept the door open to a possible merger involving Ex-Im bank Bancomext and small business development bank Nacional Financiero (Nafin), according to a report by local daily El Informador.
Although the budget assigned to the Under-secretariat of Small- and Medium-Sized Enterprises (SMEs) of the Economy Secretariat will be similar to that in 2003, the financial programmes for SMEs will still be a priority in 2004, said Sergio Garcнa
Mexican transport conglomerate Grupo TMM has closed a further US$25 million of certificates under a receivables securitisation programme, worth a total US$76.3million, the company announced.
Mexico's financial leasing companies are in for a good year in 2004 irrespective of whether congress approves fiscal and energy sector reforms, El Financiero reported.
Mexico's factoring companies, leasing companies, warehouses and credit unions hope the government will submit a bill to congress next year that would allow them to broaden their service offering, after missing this year's legislative window.
Mexican President Vicente Fox has named Hector Reyes Retana as the new CEO of Exim bank, Banco Nacional de Comercio Exterior (Bancomext), effective October 24, according to a finance ministry press release.
The quality of the regulatory framework in Mexico registered an improvement of 8.3 percentage points from 50.2% in 2001 to 58.2% in 2002, but it still has a fail grade for being under 60%, according to the Center of Private Sector Economic Studies
