Citibanamex Aims to Be the Financial Ally for Businesses
In this era of globalization, and taking advantage of the proximity to the wealthiest country in the world, the United States, Mexico intends to focus on improving services for both local companies and those that choose to set up shop here. This is one of Citibanamex's main objectives, according to Gabriel Maldonado, director of Payroll Sales, Digital Sales, and Alternative Channels at the institution, during his participation in the panel "The Challenge of Globalization" at the Expansión Summit 2024, titled Mexico of the Future.
The executive noted that recent data shows that China’s exports fell by 7%, and of that figure, Mexico accounts for two percentage points, highlighting the needs of companies making the most of the nearshoring phenomenon, both local and foreign. "Our country is in a great moment. We want to be the financial support for the companies coming in to capitalize on nearshoring and be their business ally," stated Gabriel Maldonado. He also emphasized that they will focus on supporting Mexicans and, of course, on the development of the 40,000 employees who are part of the banking institution. During the discussion, Ivet Rodríguez, the moderator and editor of Empresas en Expansión, mentioned that the most significant investment in Mexico is in the manufacturing sector, followed by the financial services sector, which led to questioning the executive about what actions Citibanamex is taking to support businesses.
In response, Gabriel Maldonado explained that Citibanamex supports foreign companies with regulatory and tax matters, providing guidance to help them work with authorities in Mexico. At the same time, they back the financing needs of local companies. Additionally, one area where they also collaborate is talent retention since hiring and keeping employees in the northern part of the country is challenging, which leads them to offer financial advice to workers. In our country, it’s common for many people not to have access to banking and end up in debt. To address this issue, Citibanamex has implemented solutions that allow employees to manage their personal finances better, such as payroll advances, which prevent them from having to resort to exorbitant loan rates. Finally, Gabriel Maldonado reiterated that Citibanamex will continue to trust in Mexico and support businesses in their growth.
It is crucial for financial institutions to keep innovating and looking for ways to support local businesses, especially in a challenging economic environment. In this sense, Citibanamex's proposal is a positive example that can boost the national economy, creating a cycle of growth that would benefit everyone, from manufacturing companies to employees seeking financial stability. Strong collaboration between the banking sector and businesses is key to sustainable development in Mexico.
