For Financial Services this report concentrates on five main business niche areas:
• Public Private Partnerships
• Listings (stock markets)
• Arbitration (Legal services)
• International Finance Reporting Standards (IFRS)
Financial Services in Mexico
After 2010, Mexico is fairing relatively well due to sound management of public finances and
taxation reforms, which have allowed it to implement counter-cyclical actions. This, combined
with its strategic geographical position and network of trade agreements affords Mexico direct
access not only to the world's largest market but to different regions and to more than one billion
consumers on several continents. It also has a young population, which is increasingly well
trained, with a strong focus on the skills that Mexico needs to continue developing in the future.
Mexico has the second largest economy in Latin America and according to a study conducted by
Goldman Sachs, it may become the 5th largest economy in the world by 2040.
For Financial Services we are concentrating on five main business niche areas:
? Public Private Partnerships
? Listings (stock markets)
? Arbitration (Legal services)
? International Finance Reporting Standards (IFRS)
The National Infrastructure Plan contemplates a number of infrastructure
projects. Some of them consist of:
? The modernisation and/or refurbishment of the transversal and longitudinal road work that
connect the country's main cities, with small towns, ports, borders and tourists centres.
? Develop public services like hospitals and cultural centres.
? The Federal Government is also considering developing prisons and water projects.
? The Mexico City Govenrment has already planned for eight new PPP?s projects with an
investment of ?2822 million. These eight projects include a couple of new intercity
highways, a street car project for Mexico City?s historic down town area, a third line for
the Mexico City underground and two high security prisons.
? Mexico has a significant number of companies doing business internationally, which are
reaching the point where they need capital to grow and realise their expansion plans. They
are starting to meet international requirements for accountability and transparency and
have begun to list in New York.
? In May 2008, a well-known mining company, Pe?oles announced it would list its gold and
silver operations on the London Stock Exchange. Fresnillo plc, the world's largest primary
producer of silver has now achieved a successful flotation. (www.fresnilloplc.com).
? Legal services, in particular arbitration are particularly relevant in business in Mexico due
to the significant number of companies developing international business.
? Currently there are a number of local law firms that are in partnership with international
law firms, which are keen to further promote London as the top arbitration centre in the
? By 2011-2012 all companies in Mexico will have to prepare and produce all of their
financial statements under IFRS. The UK Accountancy sub-sector is a pioneer on IFRS.
? At present, the universities offering post-graduate degrees on IFRS are ITAM, and
Tecnologico de Monterrey).
? In October 2011, the Mexican Institute of Public Accountants signed an MoU with the
ICAEW. Also IA Seminars and Baker Tilly Mexico (the only UK accountancy firm
established in Mexico) and are currently working together.
Latest export opportunities ? Financial & Professional Services
Latest export opportunities - Mexico
Getting into the market
The key into the Mexican Financial Services market is for UK to find local partners or end users.
Mexican companies and decision makers usually enjoy having initial face to face negotiations to
know their potential partners. Therefore, it is best when UK companies have one-on-one
meetings with sector players because they can obtain further information.
More about doing business in Mexico
Market intelligence is critical when doing business overseas, and UKTI can provide bespoke
market research and support during overseas visits though our chargeable Overseas Market
Introduction Service (OMIS).
To commission research or for general advice about the market, get in touch with our specialists
in country - or contact your local international trade team.
British Embassy Mexico City
Telephone: (+52 55) 1670-3207
Contact your local international trade team
UKTI runs a range of events for exporters, including seminars in the UK, trade missions to
overseas markets and support for attendance at overseas trade shows.
Latest events ? Financial & Professional Services
Latest events ? Mexico
More about OMIS and other UKTI services for exporters