JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Investing.com -- Spanish banking giant, Banco Santander (BME:SAN), has announced a significant investment plan for Mexico, detailing an allocation of over $2 billion over the next three years. The announcement was made by the company’s Executive Chair, Ana Botin, on Tuesday.
The investment reveal took place at an event in Mexico City, where the bank also introduced its 100% digital banking platform, Openbank, which is now operational in Mexico. The investment funds will be distributed across Openbank, Santander Bank, and other areas.
Earlier on Tuesday, Mexico’s President, Claudia Sheinbaum, had disclosed the investment sum after her meeting with Botin on Monday but did not provide additional details.
During the event, Botin stated, "We are announcing an investment program over the next three years of more than $2 billion, 42 billion pesos." She further highlighted Mexico as a country with significant growth potential and where the company intends to continue its heavy investment.
The recent announcement indicates an escalation in Santander’s investment activities in the Latin American nation. In 2003, Botin had met with former Mexican President Andres Manuel Lopez Obrador and pledged the bank’s commitment to invest approximately $500 million annually in the country until 2025.
Banco Santander’s Mexican subsidiary is one of the largest banks operating in the country.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.