Sabadell redoubles its Mexican bet with a 100% digital personal banking

Banco Sabadell redoubles its commitment to Mexico by entering into personal banking starting in January with an innovative, all-digital project, the general director of the bank said on Monday. country, Francesc Noguera.

Mexico, Nov 8 (EFE). - Banco Sabadell redoubles its commitment to Mexico by entering personal banking starting in January with an innovative, all-digital project, the director said today. General of the entity in the country, Francesc Noguera.

"It is a project that is not based on bricks, in branches, but 100% on technology, 100% mobile and 100% digital," he said. manager in an interview with Efe.

Babadell has been present in Mexico since 1991 with a representative office in the capital, in 2014 it was configured as an object finance company multiple (Sofom) and a year later obtained the license to operate as a commercial bank, focusing on companies and corporates.

Now, the Spanish entity goes a step further in its expansion plans in Mexico entering the personal banking with this project that Noguera described as "innovative" and "disruptive", and that is scheduled to launch in January.

"We are not a digital bank, but we believe that this is the best way to provide service ", acknowledged the representative of this firm founded in 1881.

Therefore, everything will be done through telephones smart 2014.

Although they wish to arrive to all the segments, they foresee that the potential client will be young, urban and accustomed to using services by means of smartphone.

First they will be offered collection products, such as a remunerated sight account and a time deposit. it will prevent the withdrawal of cash in other customers' ATMs, without the client paying commission for the service. officially in Mexico in mid-2016, the Sabadell focused on business and corporate banking and today has a presence in Mexico City, Monterrey, León, Querétaro, Cancún and Guadalajara.

In this last city, capital of the western state of Jalisco and the second by population of the country, the Spanish entity made official this week the opening of its headquarters corporate.

"It is a city with many interesting business sectors" such as agribusiness or technology, as if it were the Silicon Valley of Mexico, appreciated the manager, who He highlighted the "vocation of expansion" of the bank in this Latin American country.

Banco Sabadell considers today Mexico - which represents 5% of the entity's activity - an important pillar of development along with Spain and the United Kingdom, after the acquisition of the British TSB Banking Group in 2015.

In Mexico, they are not afraid of the situation despite the threats of cancellation of the North American Free Trade Agreement (NAFTA) by the Government of Donald Trump, which could seriously affect the national economy.

"Now that NAFTA is being renegotiated, or that there are (presidential) elections in the coming year, we are not worried. Noguera.

The project in the second economic power of Latin America is "long term", and is based on legal certainty, "reasonable" margins for a bank or the incipient banking, with an index lower than 50%.

By 2020, the entity expects to double its bank credit placement to reach 100,000 million pesos (about 5,200 Millions of dollars).