News Column

Banco Santander Mexico gets

June 9, 2014

Mexico City, Jun 9 (EFE).- Banco Santander Mexico said it obtained a loan from the European Investment Bank, or EIB, totaling 2.7 billion pesos ($208 million) that will be used to provide financing for small- and mid-sized businesses in Mexico.

"This financing, the first of its type, has its origin in the broad relationship that Santander has in Spain with the EIB for financing" small- and mid-sized businesses, Banco Santander Mexico said in a statement.

The EIB is looking to support other Santander units in Latin America, where Santander has staked out a position as the "number one bank focusing on small- and mid-sized businesses," the bank said.

The funds will be used to back nearly 1,000 Mexican small- and mid-sized businesses with different types of credit products, Banco Santander Mexico said.

Small- and mid-sized businesses account for 99 percent of the enterprises, 52 percent of the gross domestic product and 72 percent of the jobs in Mexico, Banco Santander Mexico said.

Lending to small- and mid-sized businesses grew 29 percent in the first quarter of this year, accounting for 11 percent of all loans, the bank said.

Banco Santander Mexico counts about 60,000 small- and mid-sized business enterprises employing nearly 380,000 people as its customers across the country.

The EIB provides financing within the European Union and for projects in other regions of the world. EFE


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Source: EFE Ingles

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