Bancomext partners with Japan’s Mizuho bank to create line of credit
Banco de Comercio Exterior (Bancomext) announced it has signed a memorandum of understanding with Japan’s Mizuho bank for the creation of a line of credit for Japanese companies investing in Mexico.
The peso-denominated line of credit would provide Japanese companies with both short and long-term financing for projects in the country.
Mizuho Bank, the third-largest bank in Japan, launched multi-bank operations in Mexico in March, serving Japanese companies doing business in the country by providing commercial loans and other services. Mizuho focuses on the automotive industry, especially on giant automakers and their suppliers.
Bilateral trade between Mexico and Japan totaled $21.52 billion in 2016, with Mexico accumulating a deficit of $13.98 billion.
A total of 1,111 Japanese companies, including Toyota, Nissan, Honda and Sony, currently operate in Mexico.