By ROMANO CEDILLOS
A partnership announced this month between a U.S. bank and one of Mexico’s largest financial institutions will expand a distribution network used by many Mexicans in the United States to send money home.
The Wells Fargo & Co.-HSBC Mexico partnership will more than double the bank’s remittance-distribution network for customers using Wells Fargo’s InterCuenta Express product. It will give Mexicans in the United States access to 3,000 banks and 8,200 ATMs across Mexico, according to Wells Fargo.
“This new partnership is an excellent opportunity to provide greater distribution choice, value, security and service to our customers,” said Daniel Ayala, head of Wells Fargo Cross Border Payments. “HSBC’s experience in the global market provides a strong complement to our existing distribution network.”
“Arizona is one of our top-performing markets,” Ayala said. “About 80 percent of the Mexican immigrants living in Arizona will find this increase in our network significant.”
In Arizona, 535,119 Mexicans are expected to send $606 million to Latin America this year, according to a recent report by the Inter-American Development Bank.