Ana Botín in Mexico: Banking Investments in Times of Uncertainty

Mexico City, February 17, 2025. The president of Banco Santander, Ana Botín, arrived in Mexico to present new investments in the financial sector and officially launch Openbank, the banking group's digital platform. During her visit, she held a meeting with Claudia Sheinbaum, in an attempt to strengthen business confidence in a context of economic uncertainty and unclear policies from the current government.

The meeting at Palacio Nacional revolved around Santander's participation in the so-called "Plan Mexico". Although the government project seeks to attract investment, it lacks clear guidelines to ensure sustainable growth.

Sheinbaum seeks financial support amid an uncertain landscape

Claudia Sheinbaum faces an adverse economic environment. Growth is slowing, capital is leaving the country, and business distrust is increasing. Populist measures and legal uncertainty affect key sectors.

Sheinbaum welcomed Santander's investment and support for her economic plan. However, the banking sector remains cautious. The 4T policies have raised concerns among international organizations.

Openbank: A project with a future in Mexico?

Ana Botín announced the arrival of Openbank, Santander's digital arm. With this initiative, they aim to position themselves in a market where banking digitalization is growing rapidly.

Sheinbaum's government strives to project stability, but the hard data tells a different story: declining economic growth, legal insecurity, and increasing fiscal pressure on companies. In this context, the success of Openbank will depend on the private sector's ability to operate without government interference.

Will the relationship between the government and the banking sector strengthen?

The rapprochement between Santander and Sheinbaum seems like a strategy to ensure their permanence in Mexico. The government has shown its intention to intervene more actively in the financial sector.

Meanwhile Ana Botín and Sheinbaum pose for the cameras, uncertainty persists. Private banking could represent a lifeline for the Mexican economy, but only if the government stops hindering business growth with populist policies and lack of legal certainty.