In the midst of a schism in the Spanish financial sector due to BBVA’s proposed hostile takeover of the Sabadell bank, the financial institution has redoubled its commitment to Mexico. After 30 years of presence in the Latin American country, focused mainly on credit to companies, the Catalan bank expands its offer with the personal banking service in Mexican territory through its first savings account called La Unconditional. The product offers annual remuneration of 5% on its clients’ savings, without commissions and with the guarantee that its clients’ resources will be available at all times.
After more than a year of testing, with a team of 800 people and an investment so far estimated at 300 million pesos, Sabadell in Mexico aims to reach the end customer with this new savings offer that will be available through the applications of the mobile. The general director of the bank in Mexico, Albert Figueras (Tarragona, 50 years old), explains that the product launched for the Mexican market was started four years ago in Spain and was a complete success. Now, on this side of the Atlantic, its goal is to reach one million customers in the next three years. “Due to the level of maturity of the Mexican market, which is at a time when the digital space makes sense and the adoption of purchases and the use of the telephone by Mexicans was increasing, we considered that this is the optimal time” , he points out.
In Mexico, Sabadell began as a representative office, 33 years ago, in 1991, mainly to help companies that imported or exported with Spain. Over the years, they partnered with Banco del Bajío, however, nine years ago they severed that relationship and requested a new banking license, an authorization with which they have served just over 1,400 corporate clients and a business credit portfolio with more than 90,000 million pesos. Now, with the expectations of economic growth under our belt and the rise of nearshoringSabadell has increased its commitment to Mexico with this digital savings offer.
Figueras details that beyond opening a complete bank in the country, with credit options, what they intend is to make this first product successful, so for the moment they are ruling out the offer of offering credits. “Our focus today is on the market understanding the product well, on providing very good service. We have been here for 33 years, we are a Mexican bank, all of them, in the sense that the investments stay here, the money that is raised is to help Mexican companies grow, everything is focused on Mexico,” he shares.
Figueras recognizes that if they have launched this new line of business at this time it is because they consider it to be the most opportune time, “The situation of the bank is very different now than it was five years ago, the evolution of the group has been very good. and the market is also maturing in the digital channel,” he says.
A little over a month ago, the Spanish financial sector was shaken by the news that BBVA was launching a hostile public takeover bid (takeover bid) against Banco Sabadell with the intention of acquiring 100% of its shares after the rejection of the Catalan bank. to the merger proposal that BBVA had put on the table a week before. Despite the refusal of the Catalan institution, the process continues and the future of this bold move by BBVA is still uncertain. Questioned about this, Figueras affirms that this hostile takeover will not modify his plans in Mexico. “With respect to the takeover bid, we have the duty of passivity, we cannot comment because all communications are already made through the Council, through the regulatory entities. We are focused on our project and at no time have there been any instructions, nor have we changed any dates. We have been working here for more than a year and we have not changed anything at all, because such a large project is not modified,” he says.
![Figueras and Pons, on June 12 in Mexico City.](https://imagenes.elpais.com/resizer/v2/DH5W7MWVIJHHHA3IYWKTATFAVY.jpg?auth=1dca647cf0c4f48c861d707b189125660657c209292e54c25572fa1fd7924814&width=414)
In front of the extraordinary meeting called by BBVA on July 5 to approve an issue of shares to finance the offer for Sabadell, the director in Mexico of the Catalan bank indicated that “it is an event of another entity and they are the ones who have to be managing that event,” he adds.
Luís Pons (Barcelona, 50 years old), director of Sabadell’s People Business, explains that in the process of adapting the 100% digital savings account to the needs of the Mexican client, they carried out more than 40,000 consultations with clients, a pilot project that has resulted In this first savings account that does not charge commissions, it offers returns from the first peso paid, guarantees the availability of resources at all times as well as the linking of your account with other financial institutions. The directors emphasize that there is no structural risk because they are well capitalized and the funding of resources is guaranteed through their financing network between companies and clients in Mexico.
Although this new business channel will be completely digital, Sabadell in Mexico will set up a call center with about 70 people. Figueras warns that the amount of investment so far, which is around 300 million pesos, is expected to increase as the landing takes place. Globally, Sabadell has more than 100 million customers and 12 million people use its services through mobile banking.
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