Spain’s Banco Sabadell has secured a banking licence in Mexico, one year after starting to offer funding in Mexico through subsidiary Sabadell Capital.
The move forms part of the lender’s broader expansion strategy, which is one of the pillars of its Triple strategic plan for 2014-2016 (Transformation, Profitability and Internationalisation).
Banco Sabadell managing director Jaime Guardiola commented: "We have been operating in Mexico for 24 years now and this represents further progress in our internationalisation process."
The commercial bank will initially concentrate on companies, and later on seek business with private individuals.
The bank is scheduled to start commercial banking operations by the fourth quarter of 2015 through three branches, which include Mexico City North, Mexico City South and Monterrey.