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If the initiative presented by Morena is applied to reduce bank commissions, financial institutions that have a Greater exposure to retail loans will have the biggest impact, such as Citibanamek, Santander and BBVA Bancomer, the rating agency said Moody's
"The banks that would be most affected are those with high exposure to retail loans, such as Citibanamek, whose In August 2018, commissions accounted for 28% of net incomeand Banco Santander, whose commissions accounted for 21 percent of net income for the same period, "the agency said in a report.
These two financial institutions are followed by BBVA Bancomer, HSBC and Banco Multiva with commissions, which on average represent 17 percent of net income. On the contrary, Banco Inbursa, Banregio and Banca Azteca would be the least affected with 12, 5 and 2 percent, respectively.
Moody's said that banks would probably try compensated lower income from fees with higher interest ratesBut the pressure of competition, especially in the retail segment of customers, would probably limit their ability to do so.
Although Rikardo Monreal, the senator who proposed the initiative, confirmed that Mexican banking commissions are overly high, the rating agency stresses that the fee income for Mexican banks is in line with those of most other major systems in Latin America. , as well as in Chile, Peru and Colombia.
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