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Spanish bank Santander to invest US $2B in Mexico

MND Staff
By MND Staff
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Sign with logo for Santander Bank, which has a red background and a stylized abstract image of a white swan. The sign is bolted toward the base of a skyscraper building.
According to Santander, Mexico is the Spanish bank's second biggest market share among all its global operations. (Shutterstock)

Spanish bank Santander is poised to invest more than US $2 billion in Mexico over the next three years, said Banco Santander head Ana Patricia Botín said in Mexico City on Tuesday.

Botín made the announcement during an event at which she presented Santander’s 100% digital bank, Openbank, which has been operating in Mexico since November.

Three people sitting on a stage on upholstered chairs. Between them are gold plated drink tables with bottles of water and glasses. Behind all three is a logo on the wall in white letters for Openbank.
Banco Santander Executive Chair Ana Patricia Botín, center, was in Mexico City on Tuesday to meet with Mexico’s President Claudia Sheinbaum and to officially launch Openbank, Grupo Santander’s new fully digital bank, in Mexico. (Mario Jasso/Cuartoscuro)

Mexican President Claudia Sheinbaum had teased the investment news in a social media post after meeting with Botín at the National Palace on Monday.

Santander, the largest bank in Spain and one of the largest in Europe, is the second largest bank in Mexico based on total assets, the third-largest bank in Mexico based on total loans and net profit, and the fourth-largest bank in Mexico based on deposits as of Sept. 30, 2024.

“Mexico is the country where we see the greatest growth potential,” Botín said Tuesday, according to Reuters.

Botín added that Mexico is one of the countries where Santander will “continue investing the most from now on.”

Sheinbaum said Santander’s investment demonstrates that “there is confidence” in Mexico.

After their meeting in the National Palace, Botín expressed support for Sheinbaum’s ambitious Plan México, a long-term “vision for equitable and sustainable development” that promotes economic growth while prioritizing the well-being of the people.

Botín also said Mexico is one of Santander’s most prized markets, given its economic stability and its potential for growth, the newspaper El Economista reported. Its Mexico operations represent Santander’s second biggest market share among all its global operations.

Openbank, Grupo Santander’s fully digital bank, began operating in Mexico with the launch of its website and app on Nov. 19.

Santander began offering a suite of financial products, immediately positioning the Spanish bank as a strong contender in Mexico’s digital banking sector.

Openbank introduced an Open Debit Account, featuring a 12.5% annual return on savings, as well as debit and credit cards, SPEI transfers, and free access to over 10,000 Santander Mexico ATMs. Openbank promises customers no minimum balance requirements or hidden fees.

With reports from Reuters, Milenio, Forbes México, Excelsior and El Economista

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