According to the head of the local division, the Mexican branch of Spain’s Banco Santander (SAN.MC) intends to introduce digital lender Openbank by the end of March 2024 to gradually offer checking accounts, credit cards, and other services.
Santander’s Mexico country head Felipe Garcia told Reuters in an interview that the company needs to “tropicalize” it and adapt it to the Mexican market and regulations, adding that the operation won’t be starting from scratch because the digital bank already operates in Argentina and some European nations.
With the launch of a voluntary tender offer to buy shares it does not own last month, Santander valued its Mexican business at roughly 8.1 billion euros as a first step toward delisting.
Read More: Santander’s Mexico arm to launch digital bank by March 2024
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