MEXICO CITY, Nov 19 (Reuters) - Spanish banking giant

Santander started rolling out its digital Openbank in Mexico on

Tuesday, including a website and smartphone app.

WHY IT'S IMPORTANT

So-called fintechs have taken Mexico by storm in recent

years, gobbling up market share as unbanked Mexicans go online

and traditional bank clients reject what they view as poor

service.

Openbank adds a new, strictly digital option to Santander,

which already offers app-based services and online banking.

Clients previously registered for the waiting list will be the

first to join Openbank.

CONTEXT

Openbank already operates in Spain, Germany, Portugal and

the Netherlands, and is the largest digital bank in Europe by

deposits, Santander said.

KEY QUOTE

Mexico has huge potential for a digital bank, said Openbank

head Petri Nikkila in a statement. "We hope to become a

reference point for Mexican clients who want such competitive

products."

BY THE NUMBERS

Openbank is offering a savings account with a 12.5% annual

return in Mexico, in line with other digital banks in the

country such as Nubank.

WHAT'S NEXT

Openbank will roll out new products and services for its

clients in Mexico in the coming months, it said, without

elaborating.