Bank of America (BofA) remains optimistic about its future in Mexico, anticipating benefits from nearshoring despite President-elect Donald Trump’s recent threats to impose tariffs on exports to the United States.
Market Concerns
Trump’s announcement earlier this week about potential tariffs on Mexico and Canada has unsettled markets and raised concerns about multinational investments in the region. All three countries are part of the USMCA, which is set for review in 2026. The economies of the United States and Mexico are particularly interdependent.
BofA’s Confidence
Emilio Romano, BofA’s director in Mexico, expressed confidence in the country’s prospects. “It will be very difficult for uncertainties, whether internal or external, to alter or modify the opportunities we see in Mexico,” Romano said at a press conference.
Nearshoring Trends
Romano emphasized that the trend of nearshoring, where multinationals move operations to Mexico, will continue. “We believe that the phenomenon of nearshoring or friendshoring will not be reversed. Mexico will not deviate from this North American economic integration; there is no turning back,” he stated.
Growth Projections
BofA expects to double its revenue and client volume in Mexico over the next five years. The firm’s client base is projected to grow from 400 to 800. In Mexico, BofA focuses on institutional banking services and does not serve individual clients.
Market Volatility
Romano acknowledged that Trump’s tariff threats could generate market volatility but suggested they are likely a negotiating tactic. He believes these threats are unlikely to prevail.
BofA’s optimism reflects a broader confidence in Mexico’s economic integration with North America and the continued potential for growth through nearshoring.
Source: Forbes
