November 1, 2013
While not the country’s largest bank, Santander México stands out for an impressive year in the capital markets that has seen it offer debt and equity for the first time, as well as buying new assets.
The bank is the third largest in Mexico by assets and deposits, says Fitch, which rates it triple-B plus. The rating is supported by the bank’s constant and above-average loan growth. Santander has expanded branches, and recorded a strong efficiency level of 39.2% at the end of the first half.
Santander México has been busy in debt, equity and M&A markets. It placed a $4.1 billion IPO — the country’s largest ever — in September 2012 and two months later debuted in the bond market with a $1
Despite slowing growth in Mexico, Santander México has not only withstood the challenge but also managed a landmark IPO and bond debut