New Digital Bank Openbank: A $2 Billion Investment in Mexico
Ana Botín, who leads Santander globally, announced that they will invest $2 billion in Mexico over the next three years, marking the largest investment the bank has made in any region where it operates. This amount will be used for the new digital bank Openbank, as well as for modernizing banking infrastructure and technology.
“Mexico is undergoing a significant improvement process; the stability of public finances is essential, and the peso has fared better than other currencies,” commented Ana Botín during the presentation. The banker also mentioned that in her meeting with President Claudia Sheinbaum, she emphasized the bank's intention to fund infrastructure projects that the government plans to implement under the Mexico Plan. Regarding the possible imposition of tariffs in Mexico, Botín expressed that while this could have a negative impact on global economic growth, the country has a better chance of weathering the crisis. She added that globally, the bank has supported infrastructure projects, such as those carried out in New Zealand.
Openbank Now Available to Everyone Interested users can access the app starting this Tuesday, offering a debit account that provides a 10% return without requiring minimum balances or fees. Users of this digital bank will be able to use Santander's ATM network for withdrawals and deposits. Additionally, with the credit card, there is a 3% cashback on online purchases and the option to defer payments for three months interest-free. By the end of this year, Openbank customers in Mexico and the United States are expected to be able to make instant money transfers. The entry of Openbank into the Mexican market is a positive indication for the financial sector, as competition can lead to better services and rates for consumers. The digitization of banking is revolutionizing the way people manage their finances and gain access to more accessible financial products. For users, it's an opportunity to maximize returns and benefit from innovations in banking services. This could result in greater financial inclusion, which is crucial for the country's economic development.
