MexMoves

Octavio Camarena, CEO of KIO, Mexico’s leading local data-center company, talks to us about the company’s ambitious expansion plans, power bottlenecks, and why a successful data-center build-out is relevant to Mexico’s AI competitiveness. Then French-owned Natixis explain their local asset-management push, driven by rising savings and pension assets. Eduardo and Damian analyze GAP’s purchase of CBX from its controlling shareholders and the move to internalize technical assistance; dilution now, potential gains later. They also cover ASUR’s bid for a South American airport bundle, and how Aeromexico priced its IPO despite tough U.S.–Mexico travel conditions. Finally, they dissect the current investment slump which suggests Plan Mexico is not working - and why U.S. business is pressing Mexico for clear, predictable investment and tax rules.

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This week on MexMoves, Uber’s top Mexico executives break down their strategy and why the country has become one of Uber’s biggest global markets. Juan Guerra, CEO of Revolut Bank Mexico, discusses how the fintech will be adapting its European model to Mexico (ie, credit will be a bigger part of the story). We examine the U.S. route bans hitting Mexican airlines, the government’s controversial plan to slash credit card fees and impact on FinTechs, and the wildly divergent fortunes of Mercado Libre, Oxxo, and Walmex in 3Q25 amid a slowing consumer backdrop.

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This week we interview Sebastián de Lara, Chief Regulation and Expansion Officer at Finsus, one of Mexico’s few profitable fintechs, to explore its path toward regulated scale. We then preview Aeroméxico’s upcoming IPO, highlighting its impressive post-COVID recovery powered by higher fares and sharp efficiency gains. In M&A, GE Vernova’s $5.3 billion purchase of Xignux’s remaining 50 percent stake in Prolec underscores investor appetite for electricity-infrastructure assets amid the AI-driven energy boom and highlights the valuation gap between Mexican industrials and U.S. buyers—echoing the Grupo Herdez joint-venture sale earlier this year. We also unpack Mexico’s insurance VAT truce, where firms like Qualitas and AXA avoid massive retroactive tax bills but accept higher costs from 2025 onward. Meanwhile, GM’s strong Q3 results show Mexico’s tariff exposure easing more than expected, though new investment flows are shifting north as the automaker doubles down on U.S. production. Finally, Revolut secures its long-awaited banking license in Mexico—after four years of waiting—and now faces the ultimate challenge: how to compete and profit in Latin America’s toughest fintech market without offering credit.

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We interview Pedro Latapi, CEO of HR Ratings, on the firm’s growth in Mexico and now the U.S. and its rating outlook for both markets. Bernardo Cordero, founder of Mexico Tech Week, joins to discuss Mexico’s startup and tech ecosystem. Plus: Mercado Libre challenges the government over planned withholding taxes on third-party sellers, Orbia jumps on divestiture rumors, Plata’s valuation climbs to $3.1 billion after another $250 million raise, and AFORES’ influence keeps growing across Mexico’s capital markets

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We interview Jean-Michel Enríquez, partner at Creel, García-Cuellar, Aiza y Enriquez SC, on the impact of the judicial reform on dealmaking, arbitration as a workaround, the amparo debate, and the business of corporate law in Mexico. Eduardo and Damian cover Chico Pardo’s apparent win over Grupo México in the battle for Banamex; potential disruption in the brokerage market after Bitso’s move to offer free U.S. stock trading; the paradox of splashy foreign investment announcements versus declining fixed investment; and fresh USMCA risks.

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Nikolaj Lippmann, Latin America equity strategist at Morgan Stanley, explains how realistic it is for Mexico to develop a domestic robotics manufacturing industry over the next decade. What policies would the government need to implement to attract investors? Could the USMCA help—or hinder—Mexico’s chances in this growing sector? Capital One’s investment plans in Mexico, not in finance, but in tech hub; Carlos Slim’s expanding relationship with Pemex after Grupo Carso secured a $2 billion drilling contract; and President Trump’s controversial decision to charge $100,000 for H1-B visas, which could open new opportunities for Mexico to lure small and mid-size tech firms. Plus, the latest on tequila in the business headlines—and a few items more.

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Estephany Ley, Head of Retail Banking at BanCoppel, lays out the bank’s strategy to broaden its client base and product offering—from its traditional retail financing to car loans, credit cards, mortgages, payroll loans, and more. She argues that branches, scale, trust, and technology working together will prove a winning formula. Daniela Dib explains how Querétaro is booming for data centers, but the electricity grid isn’t keeping up. We look at Fernando Chico Pardo’s purchase of a 25% controlling stake in Citi’s Banamex for US$2.3bn at 0.8x book. Banamex now must grow loans and revenues, cut costs, better use its cheap deposits, and lift ROE before the upcoming IPO. Carlos Slim—through Carso and FCC—wins a big Saltillo–Monterrey passenger railway contract. Finally, Tito’s takes a majority stake in LALO Tequila as the US tequila market cools—too many brands, price hikes that stretched consumer budgets, and Gen-Zs binge drinking less.

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This week on MexMoves, we speak with Roberto Rocha and Germán Losada, Co-Founders of VEMO, the Riverstone-backed Mexican clean mobility startup, about their recent US$250 million equity raise and the company’s rapid growth in EV leasing and infrastructure. We also ask about the threat to VEMO of increased tariffs on Chinese EV imports — subsequently confirmed.

René Lankenau of Whitepaper breaks down Grupo Herdez’s spin-off of Nutrisa and the US$750 million sale of part of its McCormick joint venture — moves that are reshaping one of Mexico’s most iconic food groups.

Ricardo Kumar Dadoo of Clarendon Group explains how US/Mexico cross-border transport and logistics networks are holding up under Trump’s new trade and immigration regime.

We also cover FEMSA’s new CEO, the Aeroméxico–Delta joint venture facing U.S. regulatory pushback, and take a closer look at the motives behind Mexico’s move from Free Trade Bastion to Fortress North America, via the planned big hike in tariffs on Chinese imports.

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This week on MexMoves we interview Sigfried Eisennmeier from DiDi on the company’s remarkable expansion in Mexico, with context from Whitepaper’s Daniela Dib.  Eduardo and Damian look into Klar’s acquisition of Banorte’s digital bank Bineo, the upcoming Esentia Energy IPO, and Mexico’s decision to impose tariffs of up to 50% on imports from countries without free trade agreements such as China and Korea. We also unpack the 2026 budget, which raises taxes on soft drinks, cigarettes, and gambling but avoids structural tax reform, keeping the deficit at around 4% of GDP while Pemex debt grows off balance sheet. Finally, we discuss Amazon’s new US$25 million convertible note investment in Rappi, which could give it up to a 12% stake in the Colombian delivery company. Don’t forget to comment and rate the podcast to help spread the word and grow the audience.

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We interview Alejandra Palacios, former president of COFECE, for a clear-eyed take on Mexico’s new competition framework - one that may not end up as bad as first feared. We also speak with Fernando Sandoval, CFO and cofounder of Kapital, on how a small and mostly unknown fintech has quickly grown into a regulated bank now reportedly valued at $1.3 billion, fresh off a $100 million raise and the acquisition of Intercam’s assets. Beyond the interviews, we look at the rumored soda tax already shaking KOF and Arca investors, recap BIVA Day in New York, examine Pemex’s so-called “not-fracking” plan, and review the government’s new anti-dumping tariffs on Chinese shoes.

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