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Mexico's Banorte plans to hire up to 1,200 people to tap into nearshoring

Published 09/27/2023, 08:58 PM
Updated 09/27/2023, 09:03 PM
© Reuters. FILE PHOTO: A general view shows the of headquarters of Banorte Bank in Monterrey, Mexico, June 17, 2019. Picture taken June 17, 2019. REUTERS/Daniel Becerril/File Photo
GFNORTEO
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By Marion Giraldo

MEXICO CITY (Reuters) - Mexican bank Banorte plans to hire between 1,000 and 1,200 more employees to handle operations related to nearshoring, amid an expected boom in activity from global manufactures wishing to relocate their factories, a company executive said on Wednesday.

Speaking at an event, Alejandro Padilla, Banorte's deputy managing director of economic analysis, said that nearshoring was set to "change the foreign trade paradigm" and the bank was ready to adapt.

The latest hiring estimate marks an increase from Banorte's March announcement that it would hire 800 new employees to tap into nearshoring, in which businesses set up shop in Mexico near the U.S. border.

© Reuters. FILE PHOTO: A general view shows the of headquarters of Banorte Bank in Monterrey, Mexico, June 17, 2019. Picture taken June 17, 2019. REUTERS/Daniel Becerril/File Photo

Nearshoring has led more companies to move production closer to buyers in North America and away from Asia following supply-chain constraints prompted by the COVID pandemic.

Banorte projects the trend could generate an additional 30% in exports from Mexico over the next five years, totaling $168 billion.

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