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Report: Banregio sets sights on expansion in Bajío region

Banregio GrupoFinanciero SAB de CV is opening its fourth branch in Querétaro thisyear and plans to expand its presence throughout Mexico's Bajío region, El Financiero reported.

The bank is also planning on opening new branches in Irapuato,Aguascalientes and San Luis Potosí as it recognizes the growth opportunities theNorth-Central region of Mexico offers for expansion, Enrique Arce González, a regionaldirector of the financial group, reportedly said, noting that the bank has over20% of the market share for corporate credit in northern Mexico.

With a developing automobile manufacturing segment in the area,Arce sees the need for more banking services for suppliers and distributors of thatindustry. "Many of the companies from this industry are transnational; fortheir size the bank is not geared to that market, but these companies develop andneed providers in Mexico, that is where there is a very large niche opportunity,"Arce said.

Banregio presently has more than 130 branches throughout Mexico,according to its website, and is focused on lending to small- and medium-sized businesses.