Banco Sabadell has obtained certification by Mexico’s National Banking and Securities Commission to commence operations in Mexico on 4 January 2016.
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.
Banco Sabadell in Mexico has focused on personalised service, digital channels and a portfolio of products “attuned to local companies’ needs,” the bank said.
In 2016, the Spanish bank aims to attract over 200 business banking customers by granting loans worth $150m in SME banking and $1.5bn 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 over a year, Sabadell Capital has placed over $1bn in funding in various sectors of the Mexican economy.
Francesc Noguera, CEO of Banco Sabadell in Mexico, said: “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.”