Bank fees, without change for the next three years

President Andrés Manuel López Obrador pledged on Wednesday that his government will not allow any change in the legal framework that regulates the fees charged by banks in Mexico, which in practice will mean a veto on any legislative initiative aimed at reducing charges banking.

Spanish President pointed out that assurances will be provided to investments.
Spanish President pointed out that assurances will be provided to investments.

"No fiscal reform will be carried out. We are going to maintain the same legal framework. This also applies to the rules of performance, operation, banks. We do not consider that they should be modified, "he said and promised to maintain the status quo for at least the next three years.

López Obrador's promise was made to the President of the Spanish Government, Pedro Sánchez, who made an official visit to Mexico. Both offered a joint press conference at the National Palace.

Last December, the Morenoist senator Ricardo Monreal announced his intention to introduce a legislative change that would regulate and reduce the fees charged by banks in Mexico to be more similar to international standards. Shares of Spanish financial groups Santander and BBVA Bancomer plunged and led to sharp declines in the Mexican Stock Exchange (BMV).

"We would like to adjust these fees and interest charges in what is handled in the international market, but we are not going to legislate on this matter, because we do not want to create any cause for uncertainty," said López Obrador.

The Mexican president also committed himself to Sanchez to grant legal certainty and certainty to Spanish companies that have recently invested in the country.

"The political stance of Mexico is not to push for reform initiatives that can produce or generate distrust in investors," he said.

As part of his crusade against corruption, López Obrador asked that Spanish-owned companies maintain an ethical attitude when doing business in Mexico and refrain from committing illegal acts.

"I would just point out that all companies that invest in Mexico, we want all of them to behave ethically, we do not want foreign companies to act in violation of the law or by encouraging, accepting or participating in acts of corruption," he said.