Mexico's Banorte plans to hire up to 1,200 people to tap into nearshoring
September 27, 2023 at 08:55 pm EDT
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MEXICO CITY (Reuters) - Mexican bank Banorte plans to hire between 1,000 and 1,200 more employees to handle operations related to nearshoring, amid an expected boom in activity from global manufactures wishing to relocate their factories, a company executive said on Wednesday.
Speaking at an event, Alejandro Padilla, Banorte's deputy managing director of economic analysis, said that nearshoring was set to "change the foreign trade paradigm" and the bank was ready to adapt.
The latest hiring estimate marks an increase from Banorte's March announcement that it would hire 800 new employees to tap into nearshoring, in which businesses set up shop in Mexico near the U.S. border.
Nearshoring has led more companies to move production closer to buyers in North America and away from Asia following supply-chain constraints prompted by the COVID pandemic.
Banorte projects the trend could generate an additional 30% in exports from Mexico over the next five years, totaling $168 billion.
(Reporting by Marion Giraldo; Writing by Carolina Pulice; Editing by Isabel Woodford and Leslie Adler)
Banco del Bajio SA Institucion de Banca Multiple is a Mexico-based financial institution (the Bank) engaged in the banking sector. The Bank offers financial products and services to individual customers, small and medium-sized companies, corporations and governmental bodies. Its products range includes current and savings accounts, personal and commercial loans, mortgage, credit and debit cards, investment funds, securities brokerage, insurance policies, foreign currency exchange, leasing and factoring, international trade financing, as well as fiduciary services, among others. The Bank also offers services through a mobile and Internet platform. It operates a number of branches across Mexico.
BANCO DEL BAJÍO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE 
