I was named Managing Director for the first time in the middle of the Mexican Tequila crisis. My assignment, simply put, was to survive the crisis by restructuring our customers, increasing our collections activities and selling our non-performing assets.
- We restructured a 500 million USD portfolio long before the Mexican Banks initiated their first restructuring programs. By 1997, we had returned to profitability. We found that many of the customers that we had saved from liquidation, would in the future provide us with an opportunity for growth.
- We took advantage of the subsequent growth of the Mexican export industry and helped our loyal truck customers to grow by providing them with tailor-made loans and leases.
- We were recognized by the Mercedes-Benz bus division as the principal contributor to achieving a 60%+ market share in Mexico, with over 5.000 buses financed in the States of Mexico and Jalisco alone.