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Santander México, one of Spanish bank Santander's biggest subsidiaries and the fourth largest in bank in the country, launched a digital auto loan product called Súper Auto Santander, its first incursion into the Mexican auto lending market.
The bank said it in statement it aims to issue 100,000 loans for the purchase of vehicles by 2022 through Súper Auto and future products, targeting a 10% market share.
"This initiative is part of the bank's strategic plan to complement the diversification of personal loan products for its clients," said Santander, who has 16mn customers in Mexico.
In the first stage, the bank will offer loans to individuals for the acquisition of new and used cars as well as motorcycles, and soon incorporate dealers and other entities.
The bank said its new loan product features a wholly digital loan quote and origination system and is part of a major rollout of technology investment, which is integral to Santander's client acquisition strategy in Mexico.
Santander is also working on launching leasing and credit products to dealers. The bank said that, for now, it would be focusing its full sales force on pushing the new Súper Auto product.
The launch is part of Santander México's renewed strategy to focus the credit portfolio on the most profitable segments and increase customer loyalty, in addition to a greater digital footprint.
In this regard, the lender has launched mortgage product Hipoteca Plus and the payroll-focused Santander Plus, as well as an agreement with the economy ministry to expedite the opening of accounts for SMEs.