Monday, June 30, 2014

México/España: Banco Sabadell to Begin Operating in Capital, Funding Projects in Pesos, Dollars

According to The Latin American Tribune, Spain’s Banco Sabadell said on Monday (June 30) that it has it started operating in México via its new Sabadell Capital unit, a subsidiary created to finance different projects in Mexican pesos and US dollars.

The projects are in the energy, infrastructure, tourism, foreign trade and government sectors, Banco Sabadell said in a statement.

Spanish and Mexican regulators have already granted the necessary authorizations to start operations in México, the bank said.

COMMENT: Sabadell Capital is planning to invest 1.5 billion euros ($2.05 billion) in 2016 in México, a market that Banco Sabadell CEO Jaime Guardiola has touted for its potential.
The launch of Sabadell Capital is the initial step toward obtaining a banking license in México to begin operating as a commercial bank next year, Guardiola said.

Sabadell Capital has a 21-person team under the management of Francesc Noguera and is headquartered in Mexico City.

Banco Sabadell has had a representative office in Mexico City since 1991 and has operated indirectly in México for 15 years via its 20% stake in Banco del Bajio.

Fernando Pérez Hickman, head of operations in the Americas for Banco Sabadell, will run Sabadell Capital.