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BBVA confident that NAFTA will be a "win-win" but predicts volatility in Mexico

The modernization of NAFTA will mean a "win-win" for the United States, Canada and Mexico, although during the negotiations "volatility" will be generated in the Mexican economy, BBVA Bancomer financial group.

Mexico, July 27 (EFE) .- The modernization of NAFTA will mean a "win-win" for the United States, Canada and Mexico, but during the negotiations will generate "volatility" in the economy "The base scenario that we have is that there is a win-win negotiation for all parties, with positive and negative in Terms of the deal and some adjustments, "Eduardo Osuna, general director of BBVA Bancomer, a subsidiary of Spanish BBVA, explained at a press conference.

In the framework of the presentation of Second quarter results, noted that despite this positive outlook on the North American Free Trade Agreement (NAFTA) negotiations, Volatility "as the talks move forward and define changes.

However, he assured that the" uncertainty "over the Donald Trump effect" has passed ", and as proof of this

Mexico, the United States and Canada, NAFTA partners since 1994, will hold from August 16-20, the first round Of negotiations to renew the agreement.

The first Mexican financial institution, with a 23.4% market share in the loan portfolio, reiterated that its However, its example does not apply to the rest of the sectors: "There are industries that depend on the export or The United States, and they will make their own decisions, "he explained.

On interest rates, which currently stand at 7% in the interbank, indicated that it has not generated a

Although the company has not improved the country's economic outlook since April, when it increased it from 1% to 1.6% celebrated the "brutal resistance" of Mexico to external shocks.

he attributes this strength to a change in the structure of federal revenue, more formalization, productivity and more

The Spaniard BBVA gained 2.306 billion euros (one 2.7 billion dollars) in the first half of the year, Of the year, 26% more than a year earlier.

Mexico remained the main driver of the accounts, with a net profit of 1.08 billion euros ($ 1.26 billion), 11.2% More and a contribution of almost 47% to the group's half-yearly accounts.

The entity noted that these data are underpinned by an increase in the current credit portfolio of 8.3% Compared to June 2016, equivalent to 78,567 million pesos (US $ 4,436 million).

He highlighted the growth of 8.8% in the business portfolio and 7.7% in the portfolio of

In addition, BBVA Bancomer successfully placed the bank's assets and the "healthy" growth of the loan granted.

Stock certificates for a total of 7,000 million pesos (395.2 million dollars), with a demand of 1.7 times the volume of the offer.

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