Scotiabank not overly concerned by Mexico election as bank maps out growth plans, CEO says [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
“What wasn't expected was Congress … that's what's created a little bit of uncertainty,” he told the audience. The strength of the election victory – the final results of which are still pending – has raised fears that her party will press forward with constitutional changes that would weaken democratic institutions and make an already hostile business environment in some sectors even worse. Thomson said he's reassured by how institutions prevailed after Andrés Manuel López Obrador was elected with a supermajority in 2018, and by the long-term view Scotiabank has with its operations in the country. He said he's also impressed by Sheinbaum and that, while she's left-leaning, thinks she can navigate sticking points around North American free trade. “She's very smart, very rational, and will get Mexico to the right place under USMCA.” It's also important for the bank to stick with its plans for Mexico because of its significant growth potential ahead, as the near-shoring trend
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