According to its CEO, Marcos Ramírez, Banorte wants to strengthen its standing as the bank for SMEs by partnering with Plan Mexico

«Grupo Financiero Banorte was looking for a chance to solidify its position as the bank for small and medium-sized enterprises (SMEs), and President Claudia Sheinbaum’s Plan Mexico is it,» said Marcos Ramírez, the bank’s chief executive officer.

Prior to the 88th edition of the Banking Convention, he told that they are trying to expand their credit portfolio for these kinds of businesses because the ones they currently have are among the ones that grow the slowest. They believe that it is crucial for the nation that banks like them are committed to supporting these businesses.

In addition to providing higher loan rates to domestic businesses, these organizations will expedite their application analysis procedures in order to expand their credit portfolio.

Marcos Ramirez said that funding infrastructure development to support Plan Mexico is another crucial strategy for Banorte, pointing out that the local community has requirements.

As per the report submitted to the Mexican Stock Exchange (BMV) during the most recent stock market reporting season, the organization led by Carlos Hank González stated that this expansion was brought about by the insurance business’s strong performance, along with a rise in policy sales and renewals and a decrease in segment expenses.

Growth in all of the bank’s loan portfolios, particularly the mortgage and automobile portfolios, which saw yearly gains of 8% and 28%, respectively, also helped to support the bank’s profitability.