ENP Newswire - 02 July 2014
Release date- 30062014 - Banco Sabadell begins operating in Mexico via Sabadell Capital, a newly-created finance company.
Having obtained the necessary permission from Spanish supervisory authorities and Mexican regulators, Banco Sabadell has begun operating in Mexico via a new subsidiary, Sabadell Capital, a SOFOM (Mexican multi-purpose financial company) which will provide specialised loans in Mexican pesos and US dollars for projects in energy and infrastructure as well as other areas, such as tourism, foreign trade and public administrations.
Sabadell Capital aims to lend 1.5 billion euro by 2016. To achieve that goal, it can count on the financial backing and international support of Banco Sabadell, which has extensive expertise in funding these types of projects, as well as specialised teams in New York, Miami, and Barcelona to help strengthen this new business in Mexico.
Jaime Guardiola, CEO of Banco Sabadell, sees the bank's entry into Mexico as 'a strategic move in a market we know well and which we consider offers considerable scope for our international development. It's the first step towards our goal of obtaining a full charter to operate as a commercial bank, as from 2015. In this first phase, we are starting out as a SOFOM, offering two of our soundest products in an area where we see major growth opportunities'.
The creation of this SOFOM is part of Banco Sabadell's new three-year master plan (Triple 2014-2016 Plan), which is focused on internal transformation, profitability and internationalisation.
Sabadell Capital will advance Banco Sabadell's internationalisation process and strengthen its current Project Finance and Corporate Finance business in Mexico, a market it knows well and where it has had a representative office-in Mexico City-for more than 20 years. Mexico currently offers notable opportunities for growth and investment due to its stable economy and the ongoing reform process.
The new SOFOM has a team of 21, under the leadership of Francesc Noguera, and is based in Mexico City, with an additional branch in Monterrey (Nuevo Leon) which, with the capital, is the hub of the market that Sabadell Capital plans to target.
Banco Sabadell in America
Banco Sabadell knows Mexico very well: it has had a representative office in Mexico Citysince 1991 and has operated indirectly in the country for 15 years through its 20% stake in Banco del Bajio. Banco Sabadell CEO Jaime Guardiola was Vice-Chairman and General Manager of Bancomer, Mexico's largest bank, earlier in his career.
The network of representative offices in America (Mexico, New York, Caracas, Sao Paulo and Santo Domingo) is coordinated by Banco Sabadell's branch in Miami.Operational since 1993, it has a full international branch license and provides private and corporate banking services focused on individuals and companies operating in the United States and Latin America. Banco Sabadell also has a local bank in Miami-Sabadell United Bank-with a network of 23 branches throughout Florida.