Background and Context
Felipe García, the CEO of Banco Santander Mexico, addressed concerns regarding a proposed tax change in the 2026 Economic Package. The proposal aims to eliminate the deductibility of taxes on contributions to the Instituto para la Protección al Ahorro Bancario (IPAB) by banks.
Relevance of Santander Mexico
Santander Mexico is a significant player in the Mexican banking sector, known for its substantial contributions to the fiscus and its role in job creation. The bank’s commitment to financial inclusion is evident through its microfinance arm, Tuiio, which has served over 622,000 clients, with 87% being women.
Impact of Proposed Tax Change
García acknowledged that the proposed tax change would have an impact on Santander Mexico, but emphasized that it would not affect their customers.
“There will naturally be an impact, yes, because it’s a substantial amount. However, we do not consider this to affect our customers,” García stated in a video conference.
He explained that the proposal is part of the federal government’s fiscal miscellanea for the upcoming year and has been discussed within the banking industry.
“We understand that there are certain priorities the government has, and we, as we have done for many years in Mexico and other countries, will follow the tax regime that applies,” García affirmed.
Tuiio’s Contribution to Financial Inclusion
During the presentation of “Becas Santander Tuiio Te Acompaña,” Garcia highlighted Tuiio’s role in promoting financial inclusion. The microfinance branch of Santander Mexico has accumulated over 622,000 clients, with 87% being women.
“We have been instrumental in driving the economic and social development of thousands of families in Mexico,” García said.
Tuiio’s presence in 20 Mexican states reflects the bank’s sustained growth and the trust in its products, which have transformed realities and instilled hope in numerous communities.
Key Questions and Answers
- What is the proposed tax change? The proposal aims to eliminate the deductibility of taxes on contributions to the IPAB by banks.
- Who is Felipe García, and why is he relevant? Felipe García is the CEO of Banco Santander Mexico, a significant player in the Mexican banking sector known for its contributions to the fiscus and job creation.
- How will the proposed tax change impact Santander Mexico? García acknowledged that there would be an impact on the institution but emphasized that it would not affect customers.
- What is Tuiio, and what has it achieved? Tuiio is the microfinance arm of Santander Mexico, which has served over 622,000 clients, with 87% being women. It has contributed to the economic and social development of thousands of families in Mexico.
