White & Case advises Openbank, the digital bank of Grupo Santander, on obtaining its banking license in Mexico

Global law firm White & Case LLP has advised Grupo Financiero Santander México, a leading global financial group, on obtaining a license from the National Banking and Securities Commission (CNBV) for the incorporation of Openbank as a banking institution in Mexico. Upon obtaining the authorization from the CNBV to begin operations, Openbank will be the first digital bank in Mexico operating under the umbrella of a global financial group.

The process included obtaining the authorization from the Ministry of Finance and Public Credit to incorporate Openbank as part of Grupo Financiero Santander México. 

Openbank is a full financial service digital bank that aims to start operations in Mexico in 2024. 

The White & Case team was led by Debt Finance local partner Teresa Fernández and Capital Markets partner Carlos Mainero, and included associates Gustavo Díaz, Laura Campos and Shaanty Rubio (all in Mexico City).

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