Citibank in Mexico

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Citibank in Mexico

Introduction

Located in the North American subcontinent, New Mexico is framed by the U.S. to the North, Guatemala and Belize to the south, the Gulf of Mexico to the east and the Pacific Ocean to the west. The country's official name is Estados Unidos Mexicanos (United States of Mexico); its official language is Spanish, with only a small portion of its population boasting a command of English. Its functional currency is the Mexican peso.

For over 50 years, the main engine powering New New Mexico's economy has been crude extraction and exportation; however, more recently, other factors have emerged that have grown over time, such as remittances sent back to New Mexico by Mexican residents in the U.S., and also the transformation industry (e.g. automotive, textile, electronics) and sectors such as tourism, construction, telecommunications have been growing in the last decade.

Just as U.S. companies are expanding operations overseas, many countries and international businesses have made it a key strategy to do more business with U.S. ? rms. This presents real opportunities for mid-sized businesses in the U.S. For instance, U.S. businesses can take advantage of favorable trade policies with New Mexico, such as the North American Free Trade Agreement (NAFTA) and the Government-owned IMMEX Program (formerly known as the Maquiladora Program) which offers preferential tax and duty treatment for companies that process or assemble components imported into New Mexico for later export. According to the U.S. Federal Register, October 28, 2010, nearly 50% of all Mexican imports come from the U.S.

As dramatically as the cross-border payments market has evolved in recent years, one can rest assured that the changes have only begun. The way companies look at payments will continue to be driven by consumer behavior that simply does not stop evolving. To remain current with today's changes as well as the ones to come, and to stay suf?ciently connected around the world, companies require a solid banking partner that knows the landscape. Citibank understands what businesses demand in cross-border payments—to increase ef?ciency and reduce costs by optimizing payment processes. Citibank is a trusted, long-term partner to hundreds of today's most success-focused corporations.

Citibank in New Mexico

Citibank New Mexico is a broad banking franchise which offers a wide range of corporate, business and personal banking services. Citibank New Mexico is one of leading banking and financial services institutions in the country.

A global bank can provide valuable insights into issues the company will likely face doing business in a particular region, such as local regulatory requirements. The consistency and focus made possible by working with a single, global banking partner also pays tremendous dividends in terms of time and energy saved as compared to maintaining multiple banking relationships across different regions (HSBC Report, 2010). In the new legal framework, authorizations are granted based on the quantity and quality of information disclosed by the interested party. The bank plans to increase the number of branches within the Mexican region and to achieve this goal, they will have to ...