MEXICO CITY – Spain’s Banco Sabadell said on Wednesday it planned to make business loans totaling 44 billion pesos (about $2.15 billion) in Mexico this year, up 30 percent from 2016.
“Banco Sabadell wants to continue growing at a sustained rate and expanding its presence in the market” in Mexico, “especially in highly urban and industrial areas,” the bank said in a statement.
Last year, the Spanish banking giant added 360 new customers and doubled its staff in Mexico.
The bank has operated in Mexico since 1991, when it opened a representative office in Mexico City, Banco Sabadell’s country director, Francesc Noguera, said in a press conference.
Banco Sabadell has operated indirectly across Mexico for years via its 20 percent stake in Banco del Bajio.
The Spanish banking giant, however, did not start operating as a commercial bank in Mexico until January 2016.
In 2016, “we stopped being just a deposit-taking bank and also became a lender,” Noguera said.
“We were the country’s No. 6 bank in net lending and did this with a very rigorous risk management policy that left us with a zero percent non-performing loan situation,” Noguera said.
Banco Sabadell now expects to “close on total lending of 44 billion pesos and deposits of 3 (billion pesos)” in Mexico, Noguera said.
The bank plans to offer a “pretty innovative” digital platform in Mexico, with the launch “expected in October of this year,” Noguera said.