Sabadell, Spain, 23-12-2015 — /EuropaWire/ — Banco Sabadell will formally commence operations in Mexico on 4 January 2016, having achieved certification by Mexico’s National Banking and Securities Commission and fulfilled the requirements of the Bank of Mexico. The new bank in Mexico, which obtained its bank licence last August, will engage in corporate and SME banking, and will launch personal banking late in 2016.
Francesc Noguera, CEO of Banco Sabadell in Mexico, said that, “this certification represents the culmination of the procedures and requirements, which we have fulfilled satisfactorily. It evidences our technological capabilities, banking experience and financial strength, which enable us to assure our clients of a quality service.“
As in the Spanish market, Banco Sabadell has developed a distinctive value proposition in Mexico that is focused on personalised service, proximity and quality, rapid response, digital channels and a competitive portfolio of products attuned to local companies’ needs.
In 2016, Banco Sabadell aims to attain over 200 business banking customers by granting loans worth 105 million US dollars in SME banking and 1.5 billion US dollars in corporate banking.
Banco Sabadell has been operating in Mexico since 2014 through Sabadell Capital, a multi-purpose finance company (SOFOM) focused on wholesale and corporate banking and project finance. In little over a year, Sabadell Capital has established itself among the top ten in the sector in Mexico, having placed over 1 billion US dollars in funding in various sectors of the Mexican economy.
As a result, Banco Sabadell’s immediate strategy in Mexico will be to focus on serving business and corporate customers through its two financial vehicles: the new bank and the SOFOM. In 2016 it also plans to enter a second stage of operations by offering personal banking products and services.
In this way, Banco Sabadell has achieved another of the goals set out in its TRIple 2014-2016 Business Plan, which is based on three pillars: Transformation (evolution of services to offer the Mexican market); Profitability (where Mexico is a key component of the company’s growth); andInternationalisation (clearly evidenced by the establishment of a bank in Mexico).
SOURCE: Banco de Sabadell, S.A.