Remittances processed by Bancomer rise by 11.2% in Q1

Wednesday, April 13, 2011

In a foreshadowing of remittance levels for the Mexican market as a whole, Bancomer's Transfer Services unit reported an 11.2% year-on-year rise in remittances in March and 9.2% rise for the quarter as a whole.

The latest numbers from central bank Banxico had remittances rising by 5.9% in the first two months of the year.

In a press release, Bancomer said it had processed a total of US$1.6bn in remittances in the first quarter of 2011.

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Bancomer Transfer Services director Moisés Jaimes Cruz said in the release that the information appeared to indicate that remittances had reached an "inflection point" last year, something that would likely be reflected by the full first quarter numbers from Banxico since Bancomer processes about 54% of total remittances to Mexico.