Note published on November 18 in El Sol de México, Análisis [Analysis] Section by Alberto Aguilar.
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With the scandal faced by lawyer Juan Collado, Caja Libertad has had to swim against the tide to safeguard its old biography and its roots in the Bajío region and particularly in Querétaro.
In the midst of a substantial drop in its deposits and in its liquidity ratio, a first important decision was to appoint Silvia Lavalle as president of the sofipo [Popular Financial Society] in September 2019.
With 18 years as a regulator at the CNBV [National Banking and Securities Commission], she first implemented an organizational restructure in the first level and limited expenditures. She also convinced clients to become partners and 600 million pesos were capitalized this year. Its index reached 140% above the required level.
Likewise, the obtainment of funds has recovered. It is expected to reach 10,000 million pesos by the end of the year. Today, 53% is placed at more than 365 days. In regard to the portfolio, it will exceed 7,000 million pesos, but now focusing on SMEs, which are its essence. No longer governments or big companies; small clients to aid financial inclusion. Transactions averaging 23,000 pesos for corner stores, tortilla making shops, workshops, etc.
For the guild, embedded in the Amsofipo [Mexican Association of Popular Financial Institutions] presided by David Romero, the direction to be followed by Caja Libertad is crucial. It is the largest one with 35% in the sectorial portfolio and 45% in savings.
Caja Libertad is currently aggressively promoting its digital sector. It already has alliances with Google or Microsoft. The objective is personalizing services, widening access platforms and diversifying them with insurance and assistance products. It will even have a credit card soon.
Another spoke in parallel is institutionalization. A strategic session was held 15 days ago, and the plan was established. The point, says Lavalle, is to operate like clockwork in order to get off to a strong start in 2023 with the support of its 1,800 employees. More branches will be added to the current ones in order to have nationwide presence. Subordinated bonds for 200 million pesos, now in process with the CNBV headed by Jesús de la Fuente, will be issued soon and they will be ready for next year to bolster operational certainty.
Thus, despite the environment, Caja Libertad is giving its all in order to reencounter the weight of its 62-year history.
RUSSIAN FUND OF 200 MILLION DOLLARS A NEW COMPLICATION FOR CRÉDITO REAL
As expected, reaching an agreement with bondholders of Crédito Real, headed by Felipe Guelfi, is still uphill work. Agreements vanish while still in the documental phase. Now add a 200-million-dollar Russian fund that cannot have interaction with the US authorities as a deterrent. It threatens to walk by itself, apart from the mass of creditors. A meeting was held yesterday, and the outlook does not look simple.
MONTE DE PIEDAD POSTPONES STRIKE UNTIL JANUARY 20
It turns out that the call to strike at the Monte de Piedad was postponed until January 20 by the union headed by Arturo Zayún. The idea is to provide more room for negotiation.
FERNÁNDEZ IS ALSO DISMISSED FROM THE COMMERCIAL AREA AT SÍ VALE
I was telling you about the investigation within Sí Vale that was announced on Wednesday. Commercial and financial operations will be traced. Hence the suspension of Gerardo Yepez, its general manager. Let me tell you that Adrián Fernández was also dismissed from the commercial helm.
OSCAR DE LA VEGA WINS THE “LAWYER OF THE YEAR” RECOGNITION FOR 2022
In London, British Firm Law Business Research awarded the 2022 WWL recognitions to the best in the legal field in the planet. The news is that a Mexican lawyer was an awardee in the labor area. He is Oscar de la Vega Gómez, who was named “lawyer of the year”. The expert created De la Vega & Martínez Rojas together with Ricardo Martínez Rojas. Congratulations.