LatinNews Daily - 19 February 2025

*Ana Botín, the president of Spanish multinational bank Banco Santander, has announced that the bank plans to invest over M$42bn (US$2.07bn) in Mexico over the next three years. Botín was speaking at an event launching Santander’s fully digital bank, Openbank, in Mexico. In a statement, Santander said that it had received some 30,000 requests to join the waiting list for Openbank in Mexico, which will begin by offering customers an account paying a 10% interest rate and 3% cashback. Botín also met with Mexico’s President Claudia Sheinbaum in the presidential palace. Posting on social media following the meeting, Botín stated that Mexico was “a great country with enormous potential for development”, expressing the bank’s support for Sheinbaum’s recently launched economic initiative Plan México. Sheinbaum emphasised Santander’s strong commitment to the country, stating in a press conference that: “Mexico represents a significant share not only of [Santander’s] client base but also of their overall business, and they have outlined various strategic initiatives”. She added that Botín’s visit was proof that “there is confidence in the country”. The investment announcement from Santander comes amid high levels of uncertainty for investors in Mexico due to the tariff threats from US President Donald Trump.