Spain’s Banco Sabadell Begins Operating in Mexico

 laht.com

BARCELONA – Spain’s Banco Sabadell said on Monday it started operating in Mexico via its new Sabadell Capital unit, a subsidiary created to finance different projects in Mexican pesos and U.S. dollars.

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

Spanish and Mexican regulators granted all the necessary authorizations to start operations in Mexico, the bank said.

Sabadell Capital plans to invest 1.5 billion euros ($2.05 billion) in 2016 in Mexico, a market that Banco Sabadell CEO Jaime Guardiola has touted for its potential.

The launch of Sabadell Capital is the first step toward obtaining a banking license in Mexico 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 Mexico for 15 years via its 20 percent stake in Banco del Bajio.

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