Introduction to Openbank and its Operations in Mexico
Openbank, a digital banking arm of Santander that has successfully operated in other countries, launched its services in Mexico in February 2025. Despite being less than a year old, Openbank has exceeded expectations, particularly in deposit capture.
Deposit Capture Performance
As of October, Openbank reported a total deposit balance of 10.279 billion pesos according to the Mexican National Banking and Securities Commission (CNBV). This represents a 33.7% increase from the 7.659 billion pesos captured in September.
By the end of October, Openbank had amassed 1,282,890 deposit accounts. Furthermore, the bank had already acquired over half a million customers.
Credit Performance
While deposit capture has shown strong growth, credit performance is still developing. As of October, the total credit portfolio stood at 260 million pesos, all allocated to the consumption segment. This marks a 13.95% increase from the previous month.
During this period, Openbank issued 32,443 credit cards, an increase of 4,068 from September.
The delinquency rate (IMOR) rose to 9.77% in October, compared to 4.48% in September.
Financial Performance
Despite the positive developments in deposit and credit areas, Openbank reported a loss of 1.045 billion pesos by October, as anticipated given its eight months of operation.
Future Plans
Juan José Galnares, Director of Openbank Mexico, emphasized the bank’s commitment to continue growing responsibly and expanding its product offerings in the coming year.
Key Questions and Answers
- Who is Openbank? Openbank is a digital banking division of Santander that has successfully operated in various countries and recently launched its services in Mexico.
- What is Openbank’s deposit capture performance in Mexico? As of October, Openbank reported a total deposit balance of 10.279 billion pesos, marking a 33.7% increase from September.
- How is Openbank’s credit performance in Mexico? While deposit capture has shown strong growth, credit performance is still developing. As of October, the total credit portfolio stood at 260 million pesos, with 32,443 credit cards issued.
- What are Openbank’s future plans in Mexico? Juan José Galnares, Director of Openbank Mexico, stated that the bank aims to continue growing responsibly and expand its product offerings in the coming year.
