Letters of Credit

During 2020, Bancomext continued to provide the letters of credit service through lines of credit and/or provision of funds, aimed at companies that comply with the Institution's mandate, offering advice and even follow-up to ensure the issuance of letters of credit.

It is relevant to point out the support that Bancomext gave, through the Letters of Credit service, to the Secretariat of Health, with the establishment of a provision of funds Standby-type Letter of Credit, to guarantee the contract for the supply of COVID-19, signed between the Secretary of Health and the pharmaceutical company Pfizer Export B.V. Said transaction amounted 68.8 million dollars, equivalent to 1,370 million pesos and is effective until December 31, 2021.

The 2020 year-end results are as follows:

The reported balance was 3,611 million pesos, of which 1,616 million pesos correspond to at-risk letters of credit and 1,995 million pesos to the provision of funds.
As for placement, new operations were issued for 8,621 million pesos, of which 6,677 million pesos correspond to at-risk letters of credit and 1,944 million pesos to the provision of funds.
Income from collected commissions in the period was 36.2 million pesos, of which 27.7 million pesos correspond to at-risk letters of credit and 8.5 million pesos to the provision of funds.