The US and Canada have been very courteous with AMLO’s rudeness, said former secretary of the 4T

For Carlos Urzúa, former Secretary of Finance and Public Credit (SHCP) of Andrés Manuel López Obrador, the governments of the United States and Canada have been courteous to the Mexican president in light of the alleged violations of the Free Trade Agreement between the three countries (T- MEC).

Urzúa, who resigned eight months after the start of the current six-year term due to discrepancies in economic policies and the imposition of inexperienced officials, explained this Wednesday in an interview with LatinUS that the administration of Joe Biden and Justin Trudeau had already measured the rudeness of AMLO and They are already waiting for his term to end.

However, the mathematician from the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) pointed out that the actions of López Obrador have undermined the opportunity that Mexico has with nearshoring.

Urzúa also highlighted the opportunity that Mexico has, and that has been undermined by President López Obrador, with nearshoring (the strategy with which a company seeks to move part of its production to be closer to its final destination).

On the other hand, Urzúa criticized the federal government’s plan to buy CitiBanamex after the purchase negotiation of Mexican businessman Germán Larrea fell through: “It doesn’t make any sense, we already burned our hands in 1982, when the bank was nationalized.”

During his morning conference on May 24, López Obrador insisted on the possibility of his government acquiring the second bank with the largest portfolio in the country.

The idea of ​​President López Obrador that the government buy CitiBanamex in alliance with private companies, through a public-private association (app), is seen as “difficult”, according to two of the main Mexican bankers.

And it is that in an interview with Expansión, they argued that this plan would be complicated since there are no cases in the past that have worked in this way.

“In Mexico we have no record, in the last 20 years, of a bank under this optic. There has been no experience of having a mixed commercial bank and it would be difficult to determine an operation of these characteristics,” said Daniel Becker, vice president of the Association of Banks of Mexico (ABM) and one of the participants during the bid for the bank.

The director of Mifel also said that the federal government already has other development banks such as Bancomext and Banobras, but that these have a different objective than commercial banks.

For his part, Raúl Martínez Ostos, vice president of ABM, added that while a private company seeks to maximize profits, public companies have other objectives.

“It is good to understand that each one develops their objectives,” he said.

Banamex did not find a direct buyer and now citi take the bank to a Initial Public Offering (IPO)a financial process to go public and make public the shares of the institution.