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Association of Banks of Mexico says country has solid institutions, not anticipating complications in 2018

Mexico City, Mexico — Although 2018 is expected to be complicated by the uncertainty generated around the presidential elections and the North American Free Trade Agreement (NAFTA), the economy does not have to derail in Mexico thanks to its solid institutions.

Association of Banks of Mexico (ABM) president Marcos Martínez, said “It will not be the easiest year, but it is not something that can derail us with the strength we have institutionally,” adding he hopes Mexican banks will continue to grow in double digits.

Among the obstacles that could be encountered, he mentioned that the economy is in the “uncertainty” phase generated by the elections of 2018, in which those who occupy 3,416 public positions will be elected.

Among them include those of the president of Mexico, head of the capital’s government, 128 senators and 500 federal deputies.

“This country has institutions strong enough to face matters without significant deviation due to uncertainty, and we are one of the institutions. We trust in the others and they in us,” said the chairman of the board of directors of Grupo Financiero Santander in Mexico.

He also spoke about the elections, from which the pre-campaigns stage has begun, and affirmed that the ABM is banking and not politics. For this reason, he remarked that the only substantial thing is that “a democratic and competitive process is guaranteed in which the proposals are the bases of the campaign.”

He also voiced his hope that the next president of the country will help stabilize macroeconomics in a society with security, rule of law and fight against corruption.

“The ABM will always accommodate the voices and work hand-in-hand with any candidate who is elected in the electoral process of July 2018. AMB has no candidate or party, has no cause. The only cause is to improve our  banking service,” concluded Martinez.