BBVA Launches 'Smartshoring Mexico' to Boost Spanish Investment
BBVA has introduced its new "Smartshoring Mexico" service, aiming to facilitate the expansion of Spanish companies into the Mexican market. The initiative seeks to help businesses develop resilient, technologically advanced, and sustainable networks in Mexico, moving beyond traditional nearshoring's focus on proximity. This service aligns with broader goals for Spain and Mexico to double bilateral trade and increase mutual investment by 50% before 2030. BBVA, which already holds a significant market share in Mexico, will offer comprehensive support in three stages for companies looking to establish or grow their presence.
BBVA announced on Monday the launch of its "Smartshoring Mexico" service, designed to assist Spanish companies in expanding their operations into the Mexican market. The service emphasizes "smartshoring" over conventional nearshoring, shifting the focus from mere proximity to major markets towards developing resilient, technologically advanced, and sustainable networks within Mexico.
BBVA already has a substantial presence in Mexico, serving over 30 million customers and holding a 25% market share in loans. Jaime Sáenz de Tejada, BBVA’s global head of corporate and institutional banking, highlighted Mexico's integration into U.S. production chains, industrial capacity, skilled workforce, and access to the U.S. market as significant opportunities for Spanish companies.
The new service provides comprehensive support in three stages. Companies not yet established in Mexico will receive a "welcome pack," including essential banking services like checking and payroll accounts, along with preferential foreign-currency terms. A "soft landing" service will then connect companies with legal, tax, accounting, and real estate firms to streamline the establishment process and reduce uncertainties.
Finally, Spanish companies will be connected with local clients and suppliers to facilitate faster integration into the local value chain. In 2025, BBVA reportedly supported over 3,400 Spanish companies in their expansion into the Mexican market.
This initiative supports the goals announced on June 2 by Mexico and Spain to double bilateral trade and expand mutual investment by 50% before 2030. These objectives follow the signing of the Modernized Global Agreement between Mexico and the European Union. According to the Economy Ministry’s Foreign Trade Report, Spanish exports to Mexico constitute 2.8% of Spain's total sales outside the European Union, a figure that is 4.6% for BBVA, underscoring the bank's strong engagement in the Mexican market. (Source: Mexico News Daily)
