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Scotiabank Mexico expands investment to prepare for 'sunny and rainy' days


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Scotiabank Mexico expands investment to prepare for 'sunny and rainy' days

Grupo Financiero Scotiabank Inverlat SA de C.V. is preparing for both "sunny and rainy days" in Mexico by allocating an additional investment of $109.6 million in the country, El Financiero reported.

Speaking to journalists at an event, Enrique Zorrilla, CEO of Scotiabank, said the move was a part of its long-term strategy in Mexico, adding to a previous investment that was directed at updating the bank's technology systems.

"The conditions can turn out to be challenging, but we are committed to working during sunny days and rainy days, committed to take every opportunity to support the economic growth of the country," Zorrilla reportedly said.

The comments come as the government of the country's new president, Andrés Manuel López Obrador, has fueled some concerns over the future of Mexico banking sphere.

In November, Sen. Ricardo Monreal, from the president's MORENA party, proposed a controversial bill that seeks to slash bank fees. However, the president, known as AMLO, later said he would not change banking regulations for at least three years.

Zorrilla also revealed he would run as president of the Mexican ABM banking industry association from 2019.