Banorte Bank, which has experienced significant growth in recent years and has established itself as one of the leading financial institutions in the country, is preparing to celebrate its 125 years of existence. Under the leadership of Marcos Ramírez and with Carlos Hank as president, the institution is planning a series of festivities that will begin next week. These events will include meetings with regional advisors and an important ceremony at the start of the year, expected to be attended by prominent national authorities.
Amid this commemoration, Banorte is in a position where it has been excluded from government tenders in the pharmaceutical sector. There is a debate in the sector about the practices of pharmaceutical distribution companies and the implications of these actions. Meanwhile, investment in all states is on the rise, highlighting Banorte's growing role in the national financial system.
On another note, the Federal Economic Competition Commission (Cofece) has filed a class action lawsuit against several companies in the pharmaceutical sector. Companies such as Casa Marzam, Casa Saba, Nacional Pharmaceuticals, and the Association of Pharmaceutical Product Distributors are accused of engaging in anti-competitive practices for a decade. Cofece seeks compensation for the damages caused, with an amount exceeding two billion 316 million pesos.
Additionally, it is expected that Cofece will allocate the recovered funds from this class action to IMSS-Bienestar, which would benefit the general population. In parallel, in 2021, sanctions were imposed on several companies and individuals for anti-competitive agreements that affected the market. Despite the challenges, Banorte and other financial entities continue to advance and grow in the current economic landscape.
In another area, the Undersecretary of Finance and Public Credit, Edgar Amador, is preparing to announce the results of the public finance report from the previous government and discuss the future economic outlook of Mexico. The importance of promoting savings for retirement and improving investments made by Afores is emphasized, issues that are on the undersecretary's agenda.
Finally, there is a significant increase in Chinese investment in San Luis Potosí, with several companies from the Asian country establishing themselves in the region and providing capital in industries such as auto parts and aluminum products. This reflects the confidence of Chinese companies in the Mexican market, despite international trade tensions. An example of this trend is the upcoming investment by Shandong Golden Empire Precision Machinery Technology Co. in the region.
