Marcos Ramírez Miguel, CEO of Grupo Financiero Banorte, Expresses Optimism
Marcos Ramírez Miguel, the General Director of Grupo Financiero Banorte (GFB), has navigated challenging economic times, including the current period marked by trade threats from President Trump. Despite these difficulties, Ramírez remains undeterred and optimistic about the future.
A Resilient Leader with Decades of Experience
Ramírez, who has been at the helm of Banorte for a decade, has witnessed numerous economic ups and downs. His steadfastness is rooted in his understanding that economic cycles are natural and temporary, much like the fluctuations observed in an electrocardiogram.
Strong First Quarter Performance
In the first quarter of the year, GFB reported a 13% increase in profits. Ramírez emphasizes that there is ample room for further growth, asserting that the bank remains committed to a 10% growth rate despite the anticipated economic slowdown.
Banorte’s Digital Bank, Bineo: A Potential Sale, Not a Strategic Shift
Regarding the possible sale of Bineo, their digital banking platform, Ramírez clarifies that no decision has been made. However, he notes that if a sale were to occur, the new owners would inherit Bineo’s customer base while Banorte retains its hard-earned expertise in serving young clients through its mobile app, one of the most comprehensive in the market.
Strategic Investment Plans
When questioned about short-term investment plans, Ramírez reveals that GFB reinvests 13% of its sales, though he declines to provide a specific figure. He assures that these investments will focus on talent acquisition, material resources, human capital, and technology.
Strengthening Partnerships: The Case of RappiCard
Ramírez discusses Banorte’s strategic partnerships, highlighting their acquisition of 100% ownership in RappiCard. This move aims to transform their collaboration with Rappi, focusing on cross-selling additional financial products such as insurance and Afores to existing clients rather than merely expanding their customer base.
Key Questions and Answers
- Q: How does Marcos Ramírez view the current economic situation? A: Ramírez likens the current economic situation to a temporary dip in an electrocardiogram, expressing confidence that the economy will rebound.
- Q: What are Banorte’s growth prospects despite the economic slowdown? A: Banorte aims for a 10% growth rate, demonstrating resilience and optimism in the face of adversity.
- Q: Is Bineo, the digital banking platform, up for sale? A: Although no decision has been made, Ramírez clarifies that any sale would involve transferring the customer base while Banorte retains its expertise in serving young clients.
- Q: How does Banorte plan to invest in the short term? A: GFB reinvests 13% of its sales, focusing on talent acquisition, material resources, human capital, and technology.
- Q: What is the status of Banorte’s partnership with RappiCard? A: Banorte has acquired 100% ownership in RappiCard, aiming to cross-sell additional financial products to existing clients rather than merely expanding the customer base.
