Mexico: Gustavo Fuertes

 

In the past 18 months Mexico engaged a series of structural reforms that have the intention to overcome historical deficiencies. The two main courses of action, amongst some other secondary reforms, are the Financial and Energy transformations.

On the Financial side, a huge restructure has occurred to provide more legal guarantees to the financial institutions in case that the originated loans become past due; in the past a normal timeframe to repossess an asset left as a guarantee could be around 3 years, leaving huge execution costs to the banks and, therefore having an important impact on consumer interest rates (due to the credit risk). Another important feature of the reform is the so called financial inclusion, which basically aims to attract more users to the financial system in the usage of all the available products and services. On the Energy side, an important shift is to provide Pemex (Petroleos Mexicanos, the State owned petroleum company) with more attributes to engage with private firms to explore and commercialize petroleum and its derivatives. This has huge implications as Mexico relies in around 40% of its total income in Pemex, therefore the importance of setting an appropriate business framework for its future is fundamental.

Mexico has a huge challenge in the years to come. The government and the private sector have the responsibility to make things happen, reforms are under way and have to prove to be efficient and right to the country’s current necessities. If these set of reforms prove to be the correct ones, Mexico has the opportunity to re-affirm its leading force in Latin America and become a major player in the global landscape.

Dr Gustavo Fuertes

 

Dr Gustavo Fuertes has a PhD in Finance, graduating with Honours from Universidad Nacional Autonoma de Mexico (2012) and an MSc in Risk Management from ICMA Centre, now part of Henley Business School at the University of Reading (2003).

For the past 11 years Gustavo has worked in Financial Risk Management, including eight years at HSBC, two years at GE Capital and now as Director of Advisory in Risk Management at PWC Mexico. Alongside his professional experience, he has been a lecturer of Financial Risk Management in Graduate courses in two important Universities in Mexico City. Gustavo is also a Co-Director of the PRMIA Mexico Chapter (Professional Risk Managers International Association) and speaker in Risk and Financial forums in the region.

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