BlackRock Mexico Selects Citi as New Trustee
BlackRock Mexico, a subsidiary of the world’s largest investment fund manager, has chosen Citi Mexico as its new trustee for the BlackRock Mexico Manager II fund, replacing CIBanco. Simultaneously, Monex Casa de Bolsa will take over from CIBanco as BlackRock Mexico Manager II’s common representative.
The change in trustee for BlackRock Mexico Manager II took effect on August 28, shortly after CIBanco’s fiduciary business was sold to Banco Multiva. This shift aims to ensure a reliable and efficient trustee relationship for BlackRock’s investment fund.
La Comer and Mastercard Introduce New Credit Card
Banamex, Grupo La Comer and Mastercard have launched the new La Comer Card Banamex, a credit card designed to benefit customers already enrolled in the Monedero Naranja loyalty program.
This new product will be promoted through La Comer’s 90 stores, targeting the Mexican market with attractive benefits. As of July’s end, La Comer had an active annual base of 1.1 million Monedero Naranja users, which is four times the number from the past five years.
Currently, half of La Comer’s transactions across its La Comer, City Market, Fresko, and Sumesa stores involve Monedero Naranja.
CAAAREM Supports Modernization of Customs Law
Confederación de Asociaciones de Agentes Aduanales de la República Mexicana (CAAAREM) has positively viewed the reform of the Customs Law announced by the Federal Executive’s Legal Counsel, promising to modernize customs operations.
Beyond speeches, the challenge lies in ensuring this reform translates into tangible solutions to address overcrowding, corruption, and technological lag at Mexican customs.
CAAAREM has united to support the reform, but the private sector of international trade demands practical results: streamlined procedures, lower costs, and increased certainty in moving goods amidst growing global competition.
S&P Global Updates Risk Methodology for Mexico
S&P Global Ratings, a credit risk assessment firm, has updated its national rating methodology for Mexico. Ratings issued from September 1 will follow this new methodology, without altering the rating scales (credit risk classification system used by S&P).
Under these new criteria, the ratings of 74 financial and insurance entities, 31 classes of 24 Mexican structured financing transactions, 42 corporate entities and projects, 43 investment funds, and 31 public finance entities remain unchanged.
Key Questions and Answers
- Q: Why did BlackRock Mexico choose Citi as its new trustee? A: BlackRock Mexico selected Citi as its new trustee for the BlackRock Mexico Manager II fund to ensure a reliable and efficient trustee relationship.
- Q: What benefits does the new La Comer Card Banamex offer? A: The new credit card aims to benefit La Comer’s loyalty program users by providing attractive advantages across its stores.
- Q: How will the Customs Law reform impact Mexican customs operations? A: The reform aims to modernize customs operations by addressing overcrowding, corruption, and technological lag at Mexican customs.
- Q: What changes has S&P Global implemented in its risk methodology for Mexico? A: S&P Global updated its national rating methodology for Mexico, maintaining the same rating scales and keeping ratings unchanged for various financial entities and projects.
