|
Cenbank: Remittances hit US$5.32bn in Q4
(BNamericas.com Via Thomson Dialog NewsEdge)Mexican emigrants sent home US$5.32bn in remittances during the fourth quarter, a 26% increase from a year ago, Mexico's central bank said in its quarterly inflation report.
Full year remittances rose 21% to US$20bn.
An increasing number of Mexican and foreign banks like Banorte, Bansefi, Citigroup (NYSE: C), BBVA (NYSE: BBV) and HSBC (NYSE: HBC) are establishing cross-border alliances and launching new products to tap the growing flow of remittances from the US to Mexico.
Earlier this month Mexico's largest banking group BBVA Bancomer said it would launch a mutual fund aimed at remittance recipients.
Electronic and payment services processor First Data Corp (NYSE: FDC) said on January 26 it would spin off its Western Union money transfer business later this year.
Western Union, which has about 271,000 payment agents in over 200 countries, is the largest conduit for remittances sent to Latin America.
Western Union remittance transactions to Mexico last year grew 26% and revenues 27%.
[ Back To Homepage ]
|
Home
Featured Article Archives
eNews
RSS FEED
