Bank of America Announces Free Nationwide Remittance to Mexico
ank of America today announced its
free nationwide remittance service that is making it easier for millions of
Hispanics to send money to Mexico by eliminating transfer fees. Called
SafeSend®, the new feature is available to anyone who has a Bank of America
personal checking account. Earlier this year, Bank of America became the first
major financial institution in the United States to offer free remittances
when it introduced the product in Chicago.
“We are proud to help millions of Hispanics send money for free to loved
ones in Mexico,” said Liam McGee, president of Global Consumer and Small
Business Banking. “Adding the free SafeSend feature to our checking accounts
is our way of saying that we want to do much more – we want to be their bank
of choice and help Hispanics develop rewarding, long-term financial
relationships.”
Responding to Hispanic Customers
According to Diane Morais, Consumer and Small Business Deposit & Debit
Products executive at Bank of America, feedback from customers propelled the
launch of national free SafeSend, as well as the new enhanced capabilities,
including cash payments over the counter and greater access via a network of
more than 4,500 locations throughout Mexico.
“Our Hispanic customers told us that they wanted lower transfer fees,
money to be paid in cash over the counter in Mexico, and a broader
distribution network convenient to their family and friends. We listened and
we responded with new features to our SafeSend remittance service,” Morais
said.
More: prnewswire.com
Bank of America to offer free remittance service to Mexico
Bank of America Corp. is dropping its fees to transfer money to Mexico, a service that will benefit millions of its Hispanic customers, the bank said Wednesday.
The new service, called SafeSend, will be available to any customer with a personal checking account with the Charlotte-based bank. The service was tried on a limited basis in Chicago and now the bank plans to expand it across the U.S.
"We are proud to help millions of Hispanics send money for free to loved ones in Mexico," Liam McGee, president of Global Consumer and Small
Free fund transfers to Mexico offered
Bank of America has teamed with several Mexican banks and government-run agencies to offer free money transfers for Mexicans living in the United States.
Bank officials said last week the business aim of the transfer service - called SafeSend - is to gain customers among a sector of the population in which relatively few people have bank accounts.
"We don't see ourselves in the remittances market," said Eduardo Vergara, senior vice president in charge of international remittances at Bank of America. He said that 41 percent of Hispanic households in the U.S. have accounts at the bank.
The
Banks come up short in channeling remittances into products - Mexico
Banks are handling a growing share of the dollars Mexicans abroad send home, but are still looking for a way to channel those funds into financial products like loans, bank executives said at a press conference Wednesday.
Most of the remittances come from US-based Mexicans and amount to billions of dollars each year, the conference heard.
"We and our partner Bank of America have been looking at how to structure these types of transactions so those [remittance] flows would help a Mexican get a mortgage. It's something we still haven't developed
UPDATE 1-Bank of America sells Mexico asset management firm
Bank of America Corp. (BAC.N: Quote, Profile, Research) said on Thursday it will sell its asset management business in Mexico to Grupo Financiero Santander Serfin, the Mexican subsidiary of Madrid-based Grupo Santander (SAN.MC: Quote, Profile, Research)(STD.N: Quote, Profile, Research).
Terms of the deal, expected to close no later than the end of first-quarter 2006, were not disclosed. The Mexico business has about $1.8 billion under management.
Bank of America said it decided to sell the business because it did not have sufficient synergies with the company's corporate and investment banking and cash management businesses
Thacher Proffitt Announces Mexico City Office Relocation
Thacher Proffitt & Wood LLP, a 150-
year-old law firm, today announced the relocation of its Mexico City office to
Paseo Tamarindos, Colonia Bosques de las Lomas. The relocation is one of many
highlights in the firm's substantial growth. "The Torre Arcos is one of the
most prestigious addresses in Mexico City," said Boris A. Otto, Office
Managing Partner. "We chose this location because after six years we outgrew
our previous accommodations. The new space will provide sufficient room to
meet our goals for continued expansion."
Paul D. Tvetenstrand, Chairman and Managing Partner, noted, "This
expansion
DiaSys Corporation Announces $11.75 Million Order in Mexico for the Company's Parasitology Products
DiaSys Corporation (AMEX:DYX) a global healthcare products company, announced today that it has signed a three year exclusive distribution agreement with DICIPA in Mexico. The agreement guarantees minimum purchase orders of $11.75 million for the Company's fully integrated parasitology workstations and consumable products over the three year period. DICIPA, which was founded in 1979, also represents Beckman Coulter and Dade Behring.
"Our three year distribution agreement in Mexico is a significant achievement for DiaSys and proves our sales strategy in Latin America, following our announcement in Venezuela earlier
Mexico's Fox announces new energy policies
Mexican President Vicente Fox on Monday announced a series of measures designed to keep energy costs down for millions of Mexicans and increase the country's energy independence.
The measures include limiting price increases on gas and electricity and reforms to allow more private investment in exploration and production of natural gas.
World energy prices have soared amid the effects of Hurricane Katrina, and Fox said Katrina not only threatened to cause significant increases in energy prices, but also could affect supplies to Mexico.
More: businessweek.com
Bank Of Nova Scotia Goes Wholesale Into Mexico >BNS
When Mexican retailer Grupo Chedraui decided to bid for a group of supermarkets owned by France's Carrefour S.A. (12017.FR), it turned to a Canadian bank.
Bank of Nova Scotia (BNS) sent a team of merger & acquisition specialists to guide the retailer through the process. Along the way, the Toronto-based bank helped Chedraui finance the $550 million purchase, provided foreign-exchange services and helped it hedge its interest-rate risk.
That, says David Wilson, chairman of the bank's investment-banking wing Scotia Capital, is the kind of cross-selling potential Bank of Nova Scotia sees in Mexico.
United States, Mexico, Canada Reiterate Commitment to NAFTA
Officials from the three North American nations reaffirmed their commitment to the North American Free Trade Agreement (NAFTA) as the cornerstone for strengthening regional competitiveness at a March 24 meeting of the NAFTA Free Trade Commission.
Since its implementation in 1994, NAFTA has facilitated strong economic growth and prosperity in the United States, Canada and Mexico.
U.S. Trade Representative Rob Portman, Mexican Secretary of Economy Sergio Garc�e Alba and Canada Minister of International Trade David Emerson discussed the changing global commercial environment and the implications for North America at the meeting in Acapulco, Mexico.
Following
Mexico Makes Good on Debt
The Mexican Treasury announces the country has paid off its $1.41 billion in foreign debt to salvage and maintain the country’s financial stability through next year's presidential elections.
Officials say Mexico paid off a portion of 10 bonds due between 2007 and 2033 using funding purchased from the central bank.
President Vicente Fox promises to cover financing needs through 2007 to protect the economy from the financial crises associated with earlier presidential transitions.
Morgan Stanley analyst Gordian Kemen says the announcement came as a surprise to many, but "is very positive.
The government still has $430 million more than what
