Crossing the Border: Financial Access, Remittances, and Directo a México SM. Mexico City June 4 6, 2006

Transcription

1 Crossing the Border: Financial Access, Remittances, and Directo a México SM Mexico City June 4 6, 2006

2 Index Page Welcome 3 Participants 4 Mexico City 6 General Information (Mexico City) 7 Map of the Historic Centre 8 Palacio de Bellas Artes 9 Antigua Casa de Moneda 10 Program 11 Complementary information 16 Appreciation 17 2

3 Welcome On behalf of the Banco de México (The Central Bank of Mexico), Instituto de los Mexicanos en el Exterior (IME Institute of Mexican Abroad), and the Federal Reserve Financial Services, we cordially welcome all the participants to the 36 th Informative IME Session entitled Crossing the Border: Financial Access, Remittances, and Directo a México SM. The objective of this session is to promote greater use of the banking systems in both countries for sending and receiving remittances and to promote more in-depth knowledge of the Mexican banking and payments systems. We feel honored with your participation and your visit to Mexico City and hope that this will be the first of many visits that will allow us the exchange experiences on remittances transfers through Directo a México. We believe that your participation is fundamental in informing us, with relevant information, that financial institutions have in implementing Directo a México, the best way to send money from the United States to Mexico. We hope that this session accomplishes all of your expectations and that your stay in Mexico City is enjoyable. 3

4 Participants Participants Name Title Institution Mark Arnold Managing Director Immigrant Financial Services Edith Avila Romo Appleseed Mexico Matthew K.V. Bailey Partner Immigrant Financial Services Saul R. Boscan VP, Director of Special Initiatives Fifth Third Bank Maru Cortazar Appleseed Mexico Susan Grisso Appleseed Mexico Robert Howe President Directo, Inc. Todd Lasher Director of Business Development CheckFree Payment Services Lee Martin VP Sales & Marketing Troy Group, Inc. Ricardo Medina Director de Sistemas de Pagos Banco de México Alberto Mendoza Jefe de Comercio Electrónico Banco de México Antonio Romero Vice President South Central Bank Scott W. Sneed Partner Immigrant Financial Services Luis Villegas Vice President Hispanic Segment Pacific Capital Bancorp Gregorio Estrella President & CEO Banco del Sol Paul Stock Executive Vice President North Carolina Banker s Association Curby Stech President Members Trust of the Southw María Jiménez Gerente de Servicio al Cliente Community Trust Credit Union Raúl Villanueva Branch President / commercial First National Bank Rufino Carvajal Texad Karlo E. Morgado Ochoa 1.- Sr. International Officer 1.- First National Bank 2.- Member 2.- Border Trade Alliance Jabier Rodríguez President & CEO Lone Star National Bank Rodolfo Cantú Vicepresidente Lone Star National Bank Virginia Navarro Abogada Consultora Lone Star National Bank Mariela Cabaleiro Sun Trust Bank Eduardo M. Berain Senior Vicepresident Frost National Bank Vangie Leal Senior Vicepresident Frost National Bank Patricia Altamirano U.S. Bank Roberto Quiroa Wells Fargo Ernesto Contreras Bancomer Frank X. Coumides Executive Vice President Sonoran Bank, N.A Roberto Escalante Gerente Financiero Citibank, Riverside Alexa Urban Director of International Payments U.S. Treasury Department José Padilla Vice President Hispanic Financial Development, LLC Jackie Martinez Marketing Officer Mitchell Bank 4

5 Speakers Name Title Institution Guillermo Güemez García Subgobernador Banco de México Jesús Cervantes Director de Medición Económica Banco de México Guillermo Zamarripa Titular de la Unidad de Banca y Ahorro Subsecretaría de Hacienda y Crédito Público Javier Lorenzo Presidente Comisión de Medios de Pagos Asociación de Bancos de México Javier Gavito Mohar Director General Bansefi Ignacio Deschamps Director General de Banca Comercial BBVA Bancomer Manuel Sescosse Director General Comercial Banorte Irma Hidalgo Vega Directora de Promoción del Programa 3 x 1 para Migrantes Sedesol Javier Fernández Director del Programa Invierte en México Nacional Financiera Iliana de Silva Líder de proyecto Bansefi Marco Carrera Director de Estudios de Mercado Condusef Carlos Gonzálezez Director Ejecutivo del IME IME Gerardo Ponce Director General Adjunto de Productos Banco Azteca Richard R. Oliver Executive Vice President Federal Reserve Bank of Atlanta Juan Sanchez Assistant Vice President Federal Reserve Bank of Atlanta Michael Frias National Coordinator of NATF FDIC Manuel Orozco Senior Associate Inter-American Dialogue Deyanira del Río Project Director Neighborhood Economic Development Advocacy Project (NEDAP) Lilia Escajeda VP & CRA Officer Amarillo National Bank James Maloney Chairman of the Board Mitchell Bank Daniel Padilla Director of Latino Banking Pinnacle Bank Adam Ruiz Executive Liason Citizen's Union Bank 5

6 Mexico City The word Mexico stems from the náhuatl dialect metztli, moon god; xictli, navel; and co, place; in the navel of the moon or in the middle of the moon. Mexico City, as a municipality, was founded in 1521 by Hernán Cortés in the middle of the now drained Lake Texcoco on the ruins of Tenochtitlan, the capital of the Aztec Empire, and of its lesser-known twin city Tlatelolco. In 1525 the rebuilt city served as the capital of the Viceroyalty of New Spain and the political and cultural center of Mexico. The importance of the city was such that the Captaincy General of Guatemala, Cuba, Florida, and the Philippines were administered from it. This colonial period culminated with the construction of the baroque Metropolitan Cathedral and the Basilica of Guadalupe. In the XVIII century, Mexico City was named The City of Palaces by Humboldt. Nowadays, the Aztecs ruins and buildings from the colonial period and the new and modern skyscrapers allow Mexico City be a unique place in the world. Mexico City it is one of the largest cities in the world and is classified as a megalopolis as it encompasses one large city that has slowly engulfed other, smaller ones. It is located in the Valley of Mexico (Valle de México), a large valley in the high plateaus (altiplano) at the center of Mexico, about 2,240 meters (7,349 feet) above sea-level, surrounded on most sides by volcanoes towering at 4,000 to 5,500 meters (13,000 to 18,000 feet) above sea-level. General Information City of Mexico 6

7 State Capital Surface (km²) Attractions Distrito Federal Mexico City 1,547 km² (D.F.) Famous landmarks in Mexico City include the Zócalo, the main central square with its time clashing Spanish-era Cathedral, modern-times Palacio Nacional, and Templo Mayor, an ancient Aztec temple ruins, all within a few steps of one another. The trademark golden Angel of Independence is found on the wide, elegant avenue of Paseo de la Reforma. Chapultepec Park houses the Chapultepec Palace museum on a hill that overlooks the park and its numerous museums, monuments and the national zoo; the National Museum of Anthropology (which houses the Aztec Calendar Stone), the Palacio de Bellas Artes (Fine Arts Palace) which is a stunning white marble theater/museum whose weight is such that it has gradually been sinking into the soft ground below, the Plaza of the Three Cultures in the Tlatelolco neighborhood, and the shrine and Basilicas of Our Lady of Guadalupe. 7

8 Map of the Historic Centre Museums Metro Station Information 1 Plaza San Fernando a Banco de México 2 Hemiciclo Benito b Palacio de Correos Juarez 3 Franz Mayer Museum c Palacio de Bellas Artes 4 Plaza Manuel Tolsá d Plaza de la Constitución 5 Zócalo e Palacio Nacional 6 Plaza Juárez (Secretaría de Relaciones Exteriores) 8

9 Palacio de Bellas Artes (Fine Arts Palace) The Palacio de Bellas Artes ("Fine Arts Palace") is the premier opera house of Mexico City. Its construction began in The beginning of the project in Art Nouveau style by the Architect Adamo Boari was suspended when the revolution started, and then it was finished in 1934 by the Architect Federico Mariscal. The main element is the interior of the theater setting, which displays a crystal curtain that weights 11 tons, and it was made by Tiffany s in New York from one Million pieces of opalescent crystal. The theme is a view of the Mexican Valley, drawn by painter Geraldo Murillo, known as Dr. Atl. Its four-story lobby houses the Museum of Plastic Arts and Architecture, as well as a room for auditions and other for temporary exhibitions plus a book store. Its the corridors display murals painted by Rufino Tamayo, Manuel Rodríguez Lozano, David Alfaro Siqueiros, Roberto Montenegro, José Clemente Orozco, Jorge González Camarena and Diego Rivera. Rivera's "Man in Control of the Universe" (or "Man at the Crossroads") mural was originally painted for the Rockefeller Center in New York City but Rockefeller ordered it destroyed for being too radical. Rivera repainted it here in The theater is used for classical music, opera and dance, notably the Ballet Folklórico. Maria Callas sang in several productions at the Palace early in her career, and recordings exist of several of her performances here. 9

10 Antigua Casa de Moneda (Antique Coin House) The Casa de Moneda, was built by Spanish architect Juan Peinado between 1731 and 1734 Periodical and substantial modifications where made tending to the building to reflect different needs over time. Very accredited artists were involved in these modifications to the point that the Mexican Mint was highly praised, in the beginning of the XIX century, by most cosmopolitan travelers of the era. Thus, in 1894, Alejandro de Humboldt defined it as "the largest and richest of the entire world" specifying that in spite of it only offering notable things concerning the perfection of the machines or of the chemical origins of coins, the design was of important attention "because of the order, activity and economy that reigned in all the operations of minting" (that is to say, the set of tasks where the coinage took place). In those dates, the Mint was stamping more than thirty million pesos annually, with a working force of four hundred people. A transcendental historical event in the country, the Independence War, was a determinant factor, so that the currency that was produced in the capital would be added to those coined in numerous provincial mints, most of which only continued in existence for a short time. In 1848 new machinery was installed and the Mint was moved to the ancient building of the Apartado, located in the street that still today keeps that name. Technological advances in coinage matter, the needs for adequate space for counting equipment, and the requirements of a growing national modernization, required that the Mint had to moved to new facilities located in San Luis Potosí, México. 10

11 Program Crossing the Border: Financial Access, Remittances, and Directo a México SM June 4-6, 2006 Mexico City, Mexico 36ª Educational Session of the Instituto de los Mexicanos en el Exterior (IME), Banco de México, and Federal Reserve Financial Services Location: Secretaría de Relaciones Exteriores, New Building Tlatelolco (In front of Alameda Central) Plaza Juárez No. 20, 1st floor, Conference Area, Col. Centro México, D.F. Objectives: 1) Promote more in-depth knowledge of the Mexican banking and payments system and account-to-account transfers. 2) Generate interaction between U.S. and Mexican financial institution representatives in order to promote greater use of the banking systems in both countries for sending and receiving remittances through Directo a México SM and for broadening access to banked services. 11

12 Sunday June 4, 2006: Participant arrivals to Sheraton Maria Isabel Hotel & Towers Paseo de la Reforma 325 Col. Cuauhtemoc Mexico City, Distrito Federal Phone: Fax: :00 18:00 hrs. Participant Registration at the hotel. 18:30 19:30 hrs. Cocktail Sponsored by the Federal Reserve Financial Services 19:45 hrs. Departure to Palacio de Bellas Artes 20:30 22:10hrs. Folklore Ballet at the Palacio de Bellas Artes 22:30 hrs. Departure to hotel Monday June 5, 2006: 7:00-7:45 hrs. Breakfast at hotel restaurant 8:00 hrs. Departure to the conference facility at Secretaría de Relaciones Exteriores Location: New Building Tlatelolco (In front of Alameda Central ) Plaza Juárez No. 20, 1st floor, Conference Area, Conference room: José María Morelos y Pavón D. 8:30 hrs.- 9:00 hrs. Welcome Remarks Guillermo Güémez, Deputy Governor of Banco de México. Richard R. Oliver, Executive Vice President Vice President for the Federal Reserve Bank of Atlanta. Sr. Cándido Morales, Director del IME 12

13 9:00 9:45 hrs. Objectives of the Instituto de los Mexicanos en el Exterior. Orientation to the seminar including a review of the program, Carlos González, Executive Director of the Instituto de los Mexicanos en el Exterior. 9:45-10:30 hrs. Session I Remittances from the United States to Mexico. Jesús Cervantes, Director of Economic Measurement, Banco de México. 10:30 10:40 hrs. Break 10:40 11:40 hrs. Session II Bankarization, Financial Access, and Transparency. Javier Gavito, CEO of BANSEFI. 11:40 12:40 hrs. Session III Challenges and Opportunities in Account-to-Account Remittances Dr. Manuel Orozco, Senior Associate, Inter-American Dialogue 12:40 13:00 hrs. Group Photo 13:00 14:30 hrs. Lunch Overview of the Mexican Banking System Guillermo Zamarripa, General Director, Banking and Savings Department of the Secretaría de Hacienda y Crédito Público (Ministry of Finance) Location: Conference room: José María Morelos y Pavón E. 14:30 15:45 hrs. Session IV Mexican Commercial Banking Executive Session Ignacio Deschamps, BBVA Bancomer Manuel Sescosse, Banorte Gerardo Ponce, Banco Azteca 13

14 15:45 16:40 hrs. Session V Using Remittances in Building Infrastructure and Social Projects: Programas 3x1 (Sedesol) and Invierte en México (NAFIN) Irma Hidalgo Director of the Program 3x1, SEDESOL Javier Fernández, Director of the Program Invierte en Mexico, NAFIN 17:00 hrs. Adjourn/ Departure to hotel 18:00 hrs. Departure from hotel to Dinner hosted by Banco de México Location: Antique Coin House 18:30 hrs. Tour and Dinner in the Antique Coin House 22:00 hrs. Departure to hotel Tuesday June 6, :40-8:25 hrs. Breakfast at Hotel Restaurant 8:45 hrs. Departure to the conference facility at Secretaría de Relaciones Exteriores Location: New Building Tlatelolco (In front of Alameda Central ) Plaza Juárez No. 20, 1st floor, Conference Area, Conference room: José María Morelos y Pavón D. 9:20-10:00 hrs. Session VI Building Customer Loyalty: A Community Perspective Deyanira Del Rio, Project Director, Neighborhood Economic Development Advocacy Project 10:00 10:30 hrs. Session VII Regulatory and Legal Issues in Banking the Mexican Community in the United States. Juan Sanchez, Assistant Vice President of Supervision and Regulation, Federal Reserve Bank of Atlanta. 14

15 10:30 10:45 hrs. Break 10:45-11:50 hrs. Session VIII U.S. Financial Institutions Executive Session U.S. financial institutions are being invited to discuss how they offer Directo a México SM and their efforts associated with remittances and the Hispanic community in the United States. Adam Ruiz: Citizen's Union Bank, Lilia Escajeda: Amarillo National Bank, Daniel Padilla: Pinnacle Bank, James Maloney: Mitchell Bank. 11:50 12:40 hrs. Session IX Demonstration of Tools to Enhance Bank Usage and Remittance Strategies Iliana de Silva, BANSEFI. Marco Carrera, Vice President, CONDUSEF. 12:40 13:15 hrs Session X Expectations of the New Alliance Task Force Michael Frias, Federal Deposit Insurance Corporation (FDIC) 13:15-13:30 hrs. Closing Remarks Banco de México Instituto de los Mexicanos en el Exterior Federal Reserve 13:30 hrs Closing Reception Light refreshments will be provided Location: Conference room José María Morelos y Pavón E 14:30 Adjourn/ Departure to hotel 15

16 Complementary Information Sheraton Maria Isabel Hotel & Towers Contacts: María de los Angeles Schacht Secretaría de Relaciones Exteriores Luis Enrique Vértiz Instituto de Mexicanos en el Exterior Elizabeth McQuerry FRB Atlanta José Antonio Sánchez Banco de México Jorge Dávalos Banco de México Secretaria de Relaciones Exteriores Instituto de los Mexicanos en el Exterior Paseo de la Reforma 325 Col. Cuauhtemoc Mexico City, Distrito Federal Phone: Fax: Phone: ext 4463 Phone: Cell: Phone: Phone: Phone: / / Paseo de la Reforma # 305 Embassy of the United States of America Col. Centro Histórico Cp Phone: Medical services "Safemex" Phone: Hospital Inglés Phone: Mexican Red Cross Tel: VISA Phone: / MASTERCARD Phone: / AMERICAN EXPRESS Phone: / Taxis Super Sitio 160, A.C. Phone: / / Taxis Sitio 300 Phone:

17 In Appreciation To all the participating financial institutions and industry representatives in this event and to the panelists from the United States and Mexico. To the Instituto de los Mexicanos en el Exterior (the Institute for Mexicans Abroad, IME), the Secretaría de Relaciones Exteriores ( the Mexican Ministry of Foreign Affairs, SRE), Federal Reserve Financial Services and the Banco de México (the Central Bank of Mexico). To the Antique Coin House in Mexico for their support. June 2006 Mexico City 17