Digital banking and nearshoring have excellent prospects for Banorte: González Hank

In the near future, Banorte sees two significant potential for the banking group: nearshoring and Bineo, its digital bank, according to Carlos Hank González, Chairman of the Board of Directors.

The billionaire stated that around US$110 billion has been announced in investments linked to supply chain migration in an interview with Jimena Tolama for Bloomberg Linea’s podcast The Strategy of the Day.

«We estimate that this nearshoring opportunity can generate more than 168 billion dollars in additional exports, so it is a great opportunity for the country. In that sense, at Banorte we must be a channel for that investment coming from outside Mexico,» remarked Hank González at 87th Convention Banking.

The bank stated that as nearshoring has gradually come to pass, small and medium-sized businesses have become more in need of funding, which has led to an expansion in the institution’s portfolio of corporate and commercial loans.

The bank’s other opportunity is in Bineo, the digital bank it launched in January, which already has more than 10,000 users.

Asked if this proposal comes late, Hank González affirmed «on the contrary, we are at the forefront», considering that nine of Banorte’s 11 million customers are digital and 97% of transactions are already carried out in this way.

«We are clear that there are customers who only want to make transactions through a 100% digital bank, that is why we launched Bineo,» said the banker.

Hank González recalled that The bank has made other efforts in digitalization such as the streamlining of its mobile banking or the strategic alliance with Rappi, which currently controls Banorte, through which they launched a credit card in 2021.