World News

Mexican bank Banorte inks deal with China’s Sinosure to boost trade

MEXICO CITY (Reuters) – Mexican bank Grupo Financiero Banorte said on Sunday it had signed an agreement with Sinosure, China’s Export and Credit Insurance Corp., which seeks to finance projects in Mexico that involve imports from the Asian giant.

Banorte did not disclose the value of the agreement in a brief statement.

Under the terms of the deal, Banorte, the bank with the biggest weight on Mexico’s benchmark S&P/BVM IPC index, will offer credit to Mexican businesses and other entities that seek to purchase Chinese goods or services.

Sinosure will in turn provide insurance and credit guarantees to Banorte to support Chinese exports to Mexico, the Mexican bank said in a statement.

China is Mexico’s second biggest trading partner, accounting for about 10% of imports and exports between the two nations, according to data from Mexico’s economy ministry.

(Reporting by Noe Torres; Editing by David Gregorio)