Overview

• Santander named Juan José Galnares director general of Openbank México, filling the role weeks after the departure of Matías Núñez.
• Galnares joins after eight years at Clip and previously held roles at Amazon, McKinsey, and Procter & Gamble, with an MBA from the University of Chicago.
• Openbank has surpassed 440,000 customers since its February 2025 launch, according to Banco Santander México CEO Felipe García.
• Santander will focus on growth over near-term profitability and keep Openbank’s savings rate at 10% to attract deposits as Banxico lowers benchmark rates.
• Openbank will offer a limited set of simple, digital consumer products rather than large-ticket loans, and deposits reached 5,149 million pesos by end-August, based on CNBV data cited by the bank.