• The SOFOM Sabadell Capital has achieved its goal of providing 1 billion dollars in funding, six months ahead of schedule
  • The commercial bank will initially focus on companies, and subsequently seek business with private individuals
  • Jaime Guardiola, Managing Director of Banco Sabadell: "We have been operating in Mexico for 24 years now and this represents further progress in our internationalisation process"

Banco Sabadell has obtained a bank licence in Mexico The bank has obtained the necessary permits from the local authorities to begin operating as a commercial bank, one year after beginning to provide funding in Mexico through subsidiary Sabadell Capital, sociedad financiera de objeto múltiple (SOFOM).

Sabadell Capital has achieved its goal of lending 1 billion dollars (16.12 billion Mexican pesos) six months ahead of schedule. Sabadell Capital is already among the top 10 corporate banks in Mexico, with close to 60 clients, including major energy, hotel and industrial companies.

Jaime Guardiola, Managing Director of Banco Sabadell: "Mexico is a long-term project, because of its growth prospects and the returns in its financial sector. We have been familiar with the Mexican market since 1991. We opened a representative office there 24 years ago because of its potential. Today, Mexico is one of the leading economies of Latin America and among those with the greatest potential."

With the commercial bank licence, Banco Sabadell is taking another leap forward in its strategy of expanding to other countries, which is one of the pillars of its Triple strategic plan for 2014-2016 (Transformation, Profitability and Internationalisation).In the framework of its internationalisation efforts, focused on Latin America and the recent acquisition of UK bank TSB, Sabadell reorganised its corporate and business structures in America in July. Fernando Pérez-Hickman, Deputy General Manager, is in charge of the America and Global Corporate Banking Division, encompassing the business in Mexico, whose CEO is Francesc Noguera.

First step: banking for companies

The bank plans to implement a distinctive business model in Mexico, based on innovation and digital media, with quality as a key attribute of its value proposition. Its approach will revolve around service that is oriented towards the client and specialised as a function of the client's needs; remote banking channels with distinctive features; and a range of products designed to meet the specific needs of Mexican companies and individuals.

Sabadell will focus initially on banking for companies, and will address private individuals in a second phase. It will commence commercial banking operations by the fourth quarter of 2015, initially through three branches: Mexico City North, Mexico City South and Monterrey.

As required by Mexican law, before the bank begins operating it must provide any information requested by the Mexican banking and securities regulator, CNBV, and submit to any reviews required by it to ensure that the products Banco Sabadell plans to offer conform to regulations.

Banco Sabadell in America

Banco Sabadell is well acquinted with Mexico. It has had a representative office in Mexico City since 1991 and operated indirectly in the country for 15 years through a 20% stake in Banco del Bajío. Also, earlier in his career, Banco Sabadell's Managing Director, Jaime Guardiola, was Vice-Chairman and General Manager of Bancomer, Mexico's largest bank.

The network of representative offices in America (New York, Caracas, São Paulo, Santo Domingo, Bogotá, and-shortly-Lima) is coordinated from Banco Sabadell's branch in Miami. Operational since 1993, the Miami branch has a full international branch license and provides private and corporate banking services focused on individuals and companies operating in the United States and Latin America. Banco Sabadell also has a local bank in Miami-Sabadell United Bank-with a network of 27 branches throughout Florida. Sabadell has over 16 billion dollars in business in America.



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