The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Santander broadens investor base

A giant advertisement is being pasted on to a billboard sign along one of Mexico City's urban motorways. In bright red colours, the promotion offers to help change your life.


It is not a revolutionary diet on offer, or an invitation to a join a new religious sect. It is Banco Santander Mexicano's short-term mutual fund, which is now available to all of the bank's customers.


The bank's decision to make mutual funds available to smaller clients could change the way people save in Mexico, analysts say. Until now, mutual funds have been open only to institutional investors and wealthy Mexicans with Ps 1 million ($109,000) or more to invest.


A client needs a minimum of Ps30,000 to open one of the new portfolios. Banco Santander Mexicano, a unit of Spain's Banco Santander Central Hispano, is offering a return 3% higher than those of traditional savings accounts, which yield around 4.5%.


Investments in the new mutual fund have come in briskly so far. In the first three weeks the fund has been open, clients have put in Ps400 million in total, the bank says.


Mexico's two other leading financial groups, BBVA Bancomer and Banacci-Accival, are considering following Santander's lead into the lower income market, signalling a desire to tap further into the growing savings culture.






You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree