BBVA Mexico opens a nearshoring unit in Houston
The bank expects to bring in investments from 65 companies in its first year. Mexico has more trade per year with Texas than with Asia.
BBVA Mexico is offering a team of experts in Commercial and Public Sector Banking in Houston to provide investment advice, financial tools and access to BBVA’s supply chain (about 1 million clients in Mexico alone) to companies interested in starting operations in Mexico to take advantage of the nearshoring opportunities.
Texas is a region of the United States that stands out for its industrial diversity, focused on aerospace, manufacturing, energy, biotechnology, digital technology, and logistics and transportation sectors.
Víctor Rojas Fernández, head of this Houston-based Commercial and Public Sector Banking team, stressed that: “our strategy is to bring in close to 65 foreign companies in the first year of operations.” The executive was previously at the helm of the bank’s Automotive Banking division for five years, taking it to first place in market share among the banks operating in the country.
“The idea is to seek out the businesses that want to operate in Mexico in their place of origin, anticipate their needs and not wait until they arrive in the country. This will allow us to provide them with advice, help them sort out all the paperwork and requirements needed to operate, which will make it easier for them to enter the country,” he remarked.
High exchange of goods and services
BBVA Mexico’s Regional Sector Outlook report indicates that Texas stands out for being the U.S. state with the highest amount of imports from Mexico, reaching $142.7 billion in 2023. Mexico trades more goods and services per year with Texas than it does with all of Asia, making this region an immensely attractive trade partner.
The report also states that from an EU perspective, annual imports of goods from Mexico amounted to $475.6 billion in 2023, with manufacturing accounting for 88.7 percent of the total. Geographically speaking, demand for Mexican goods tends to emanate from U.S. industrial regions, among which Houston is a clear leader.
Data from the Federal Reserve Economic Data (FRED) of St. Louis shows that this U.S. state has cemented its status as one of the fastest growing states when it comes to gross domestic product (GDP), which has grown by 30 percent since 2010. Texas alone would be the world’s eighth largest economy and is the biggest exporter to the EU among all U.S. states, according to the Texas Office of the Governor.
These factors demonstrate that BBVA Mexico made the right decision in setting up its new relocation office in Houston for companies seeking to invest in Mexico, including Commercial and Government Banking and Corporate and Investment Banking services, while also serving SMEs.
With this new unit, BBVA Mexico is reaffirming its commitment to promote foreign investment and facilitate economic growth in both Mexico and the United States by leveraging the nearshoring phenomenon.