“(The alliance with Maserati es) for a client with a profile that we like, for a brand with a quality that can coincide with our wealth banking and private banking clients and with that consolidate ourselves in that market,” Alejandro Vázquez Ochoa, director, said in an interview. Automotive executive at Santander Mexico bank.
The manager highlighted that the automotive market is in a moment of dynamism and while the purchase of cars is growing at double digits, the growth of credit placement in the bank is also growing at rates above 30%.
Santander’s credit portfolio closed the first quarter at 36.7 billion pesos, according to data from the National Banking and Securities Commission (CNBV), placing it as the fourth bank with the largest number of money lent for this purpose.
But the bank’s goal is not to be second place. The placement of automotive loans intensified six years ago and since then the growth has been 35,682 million pesos.
“Our objective really is to be a good alternative for clients and to be a profitable alternative for the bank. We will probably reach that second place, but it is not our main objective,” highlighted the manager.
Santander has signed agreements with other brands such as Mazda or Suzuki to be the main financier of these cars, brands with which, according to Vázquez, the bank shares values.
For Santander, the market still offers opportunities and, although brands such as Volkswagen, Nissan or Ford have their own financial companies and do not seek alliances with banks, the market is expanding with the arrival of new brands such as Chinese ones.
“There is another half of the brands that are arriving, that are here and that do not have their own financial institution, that are looking for a bank and that is when alliances are made,” he points out.
92% of the automotive loans that Santander gives are for new cars and 8% for semi-new vehicles.
“We are seeing Asian brands more and more in the market and with so much new market entering, those who bought pre-owned today buy new ones at a cheaper price. Our job as banks is to give them access to their first car,” he points out.
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