Shinhan Bank Expands and Relocates Mexican Subsidiary Headquarters: "Will Increase Productive Capital Supply"

Shinhan Bank announced on September 25 that it held a ceremony on the 24th (local time) at the New York Life Tower in Mexico City, Mexico, to commemorate the expansion and relocation of its local subsidiary, Shinhan Bank Mexico.

On the 24th (local time), at the New York Life Tower in Mexico City, Mexico, Seo Seunghyun, Head of Shinhan Bank's Global Business Group (fourth from the right), participated in the ribbon-cutting ceremony with Ciro Antonio Ceresedo Batista, Director of the Mexican Financial Supervisory Authority, and Lee Sanghee, Consul General at the Embassy of Korea in Mexico, among other attendees, to commemorate the expansion and relocation of Shinhan Bank Mexico. Provided by Shinhan Bank

Shinhan Bank Mexico began with the opening of its representative office in Mexico in 2008, and in 2018, it became the first Korean bank to launch operations in the country. Since then, it has expanded its business portfolio to include corporate finance, foreign exchange and remittance services, the establishment of a currency exchange platform, and the opening of the Monterrey branch. As a result, its net profit increased from 5.5 billion won in 2022 to 9.5 billion won in 2024.

Shinhan Bank Mexico explained that the recent expansion and relocation of its headquarters was prompted by the fact that Mexico has emerged as a beneficiary of global companies relocating their production bases (nearshoring) in response to changes in U.S. policy. This has led to a record-high level of foreign direct investment (FDI) and a surge in investments by global companies.

With this expansion and relocation, the bank plans to further strengthen its productive financial support for the local entry and growth of Korean companies, enhance its financial service capabilities, and provide a broader range of services to global corporate clients operating in Mexico.

Seo Seunghyun, Head of the Global Business Group, who attended the event, stated, "We will actively support the successful local establishment of Korean and global companies in Mexico," adding, "As a partner in economic exchanges between the two countries, we will continue to actively support overseas expansion of companies and further expand the supply of productive capital to enhance their competitiveness."