LatAm: Spain’s Banco Sabadell enters Mexican retail banking market

Banco Sabadell, which already provides banking services to businesses in Mexico, will provide a digital-only banking offering to retail consumers in the country. The Spanish bank views Mexico as one of its growth markets and the bank also plans to launch a private banking business in the country in 2018.

According to RFi Group data, Mexico’s retail banking market is dominated by a handful of financial providers, with BBVA Bancomer and Citibanamex controlling nearly half of main bank relationships in the country. However, the two banks have suffered some outflows of customers over the past 12 months, largely in favour of Santander and Banorte, which have seen substantial increases to their share of main bank relationships.

Banco Sabadell is not planning to open any branches in the country at this stage and the bank hopes to offer retail and private banking services through digital channels only. The bank currently has 13 business centres in locations across the country.

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