Marcos Ramírez Miguel, general director of Banorte, predicts that Bineo, the group’s digital bank that began operations in January, could reach profitability in the next three years, as it is still in a stage of maturation and investment.
Financial reports show a loss at Bineo of around 188 million pesos in the first quarter.
“We are in the phase of getting them to know the brand, we want people to hear about Bineo, so that everyone knows that we exist and we are there. We estimate that within three years the results will turn around, and that is very optimistic,” said the manager.
Bineo began operations in the Mexican market on January 8. For its creation, Grupo Financiero Banorte invested around 150 million dollars, while it has a capital of approximately 1,800 million pesos.
For now, the institution only offers a savings account and personal loans without opening fees or minimum amounts.
However, in the coming days it will enter the remittance market, as well as begin granting returns on users’ savings and is expected to have a new product on a monthly basis until the end of 2024.
The manager even added that the launch of mortgage loans through Bineo is planned for the end of the year.
Read more: Santander México prepares Openbank digital banking service
“We are doing well, we already have 10 thousand clients and we see how to improve all things to start accelerating,” added Ramírez Miguel at a press conference on the occasion of the presentation of the bank’s financial results for the first quarter of the year.
Currently, Hey Banco, which belongs to Banregio, and Billú, from Banca Afirme, are another pair of digital banks that are already operating in Mexico. Their products range from savings accounts or credit cards to mortgage or auto loans.
The case of NOW, from Invex, also stands out, as does Openbank, from Santander México, which is expected to begin operations during the second half of 2024.
Afore Banorte has 4 billion pesos in inactive accounts
In the midst of the discussion and approval of the creation of the Pension Fund for Wellbeing, Ramírez Miguel announced that Afore Banorte XXI has around 232 thousand inactive accounts for a balance of almost four billion pesos.
According to data from the National Commission of the Retirement Savings System (Consar), said administrator is the largest by managed balance with more than 1.2 trillion pesos at the end of March 2024.
Afore Banorte XXI has around 232 thousand inactive accounts for a balance of almost four billion pesosMarcos Ramírez Miguel, general director of Banorte
The Pension Fund for Wellbeing seeks to increase the amount of the pension that workers will receive at the end of their working life.
The resources will come from the 2.2 million inactive retirement savings and housing accounts, of people aged 70 years in the case of IMSS and 75 years old for ISSSTE workers who are inactive.
Between January and March, Grupo Financiero Banorte reported profits of approximately 14,208 million pesos, the equivalent of a nine percent increase compared to the same period last year.
2024-04-17 01:51:02
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