Spanish bank Santander is set to invest over $2 billion in Mexico over the next three years, announced Executive Chair Ana Botin during an event in Mexico City. The investment will focus on their 100% digital bank, Openbank, already operational in Mexico. Mexican President Claudia Sheinbaum confirmed the investment following a meeting with Botin.
Botin detailed, "We are announcing an investment program over the next three years of more than $2 billion, 42 billion pesos," specifying that the funds will be allocated to Openbank, Santander Bank, and other initiatives. Expressing confidence in Mexico's growth potential, she highlighted it as a priority country for future investments.
The move signifies an uptick in Santander's investments in Mexico, following a commitment made in 2003 to invest approximately $500 million annually in the country until 2025. Santander's Mexican branch ranks among the largest banks in the nation.