The multinational banking chain BBVA announced plans on Monday to launch a new service to facilitate Spanish companies’ expansion into the Mexican market through its “Smartshoring Mexico” service.
BBVA proposed providing smartshoring rather than conventional nearshoring services to shift the focus from enhancing proximity to major markets to helping companies develop resilient, technologically advanced and sustainable networks in the Mexican market.
Spanish, Latin American and Turkish companies attended a meeting with BBVA executives in Madrid, where BBVA’s global head of corporate and institutional banking, Jaime Sáenz de Tejada, stressed the bank’s strong presence in Mexico, where it has more than 30 million customers and a 25% market share in loans.
“Mexico is highly integrated into U.S. production chains, has extraordinary industrial capacity, a talented workforce, a high level of sophistication and offers access to the world’s largest market, the United States,” said De Tejada. “It’s an extraordinary opportunity for Spanish companies.”
In 2025, BBVA supported over 3,400 Spanish companies in expanding into the Mexican market. The bank will now offer even more comprehensive support to help companies navigate the procedures required to operate in Mexico.
Services will be offered in three stages. Companies not yet established in the Mexican market will be given a “welcome pack,” including a checking account, a payroll account and preferential foreign-currency terms.
The bank then offers a “soft landing” service by connecting companies with legal, tax, accounting and real estate firms to facilitate key procedures for establishing a company in Mexico and reduce uncertainty.
Finally, the Spanish companies are connected with local clients and suppliers to help them integrate more quickly into the local value chain.
On June 2, Mexico and Spain announced plans to double bilateral trade, as well as expand mutual investment by 50%, before 2030, following the signing of the bilateral treaty known as the Modernized Global Agreement between Mexico and the European Union.
Spanish exports to Mexico represent 2.8% of its total sales outside the European Union, according to the Economy Ministry’s Foreign Trade Report. This figure is higher for BBVA, at 4.6%, demonstrating the bank’s strong presence in the Mexican market.
