Mexico’s Banorte Plans to Hire Up to 1,200 People to Capitalize on Nearshoring – Reuters

By Marion Giraldo

MEXICO CITY (Reuters) – Mexican bank Banorte plans to hire between 1,000 and 1,200 additional employees to manage operations related to nearshoring, anticipating a surge in activity from global manufacturers looking to relocate their factories. This update was shared by a company executive on Wednesday.

During an event, Alejandro Padilla, Banorte’s deputy managing director of economic analysis, emphasized that nearshoring is poised to "change the foreign trade paradigm," and the bank is prepared to adapt to these changes.

This latest hiring projection is an increase from the bank’s earlier announcement in March, when it stated plans to add 800 new employees to support nearshoring efforts, which involves setting up business operations in Mexico closer to the U.S. border.

Nearshoring has prompted more companies to shift production closer to customers in North America, moving away from Asia due to supply chain disruptions experienced during the COVID pandemic.

Banorte forecasts that this trend could result in an additional 30% increase in exports from Mexico over the next five years, amounting to a total of $168 billion.