BBVA Mexico opened its new Corporate and Government Banking representation office in Houston, Texas, a region of the United States known for its diverse industrial sectors, including aerospace, manufacturing, energy, biotechnology, digital technology, logistics, and transportation, the bank announced in a statement.
The new office offers investment advisory services, financial tools, and access to the supply chain of the financial institution, which has around one million business clients in Mexico.
Víctor Rojas Fernández, director of the Corporate and Government Banking office in Houston, who led the institution’s Automotive Banking division for five years, bringing it to the top position in market share among banks operating in the country, emphasized that “the strategy aims to attract around 65 foreign companies in the first year of the new office’s operations.”
“Our goal is to approach business owners looking to operate in Mexico directly at their place of origin, anticipate their needs, and not wait for them to come to the country. This will allow us to provide them with advice and support them with the procedures and requirements necessary for their operations, ensuring a smooth entry into the country,” he said.
The BBVA Mexico Regional Sectoral Situation report highlights that Texas stands out as the U.S. state with the largest imports from Mexico, reaching $142.7 billion in 2023. Mexico registers a higher annual exchange of goods and services with Texas than with Asia, making the region a significant commercial hub.
The same analysis indicates that from the U.S. perspective, annual imports of goods from Mexico in 2023 reached $475.6 billion, with manufacturing representing 88.7% of the total. The demand for Mexican goods follows a geographical pattern linked to U.S. industrial regions, with Houston as a leader.
Data from the Federal Reserve Economic Data (FRED) of St. Louis reveals that Texas has consolidated itself as one of the fastest-growing states in terms of Gross Domestic Product (GDP), which has grown 30% since 2010. Texas alone would be the eighth-largest economy in the world and is the leading exporting state in the U.S., according to the state’s government office.
“With this new office, BBVA Mexico reaffirms its commitment to promoting foreign investment and facilitating economic growth in both Mexico and the United States, leveraging the nearshoring phenomenon,” the statement concluded.
