Funding to Banking and Non-Banking Financial Intermediaries - 2020 ANNUAL REPORT
Funding to Banking and Non-Banking
Financial Intermediaries
Bancomext has strengthened its strategy of promoting financing for foreign trade and foreign exchange-generating activities through the granting of resources to banking and non-banking financial intermediaries so that they, in turn, grant loans to companies with operations in international markets or with foreign currency revenue, with specialized attention to Bancomext's priority sectors.
This funding focuses mainly on small and medium-sized banks with medium- and long-term operations.
The Financial Intermediaries Funding Program registered a balance of 31,796 million pesos in 2020, which represented an increase of 8% when compared to the end of 2019. On the other hand, the placement from January to December 2020 amounted to 64,930 million pesos, supporting a total of 445 companies participating in foreign trade and generating foreign exchange.
As for Letters of Credit, one of the strategies is to form alliances to carry out operations on behalf of medium and small National Banks. In this sense, the balance of Letters of Credit with National Banks, as of December 2020, amounted to 1,835 million pesos, representing an increase of 10% when compared to 2019.