Mexico Passes Banking Bill in Bid to Boost Lending Reuters
go to original November 27, 2013

Mexican lawmakers on Tuesday approved a bill designed to boost lending in Latin America's second-largest economy by making it easier for banks to collect on guarantees for bad loans and beefing up regulatory power over financial firms.

The reform, which was presented by President Enrique Pena Nieto in May, targets Mexico's financially conservative banks, which boast high capital levels but lend much less than their counterparts in other countries.

The bill is part of Pena Nieto's ambitious reform agenda, which seeks to increase growth by overhauling the country's ailing energy sector and opening up a telecommunications sector dominated by a handful of large firms.

Senators approved the far-reaching package of measures after hours of debate, and the bill will now be sent to Pena Nieto to be published.

Read the rest at Reuters

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!