Banco Santander Chairman Emilio Botin on Tuesday expressed to Mexican President Enrique Peña Nieto his confidence in the country's economic reforms, Spain's largest financial institution said.

"We are confident that the reforms the government is undertaking will provide a favorable framework for the development that Mexico needs and will consolidate the country's growth," Botin told the president of the Aztec nation.

The chairman also stressed how important it was for Banco Santander "to contribute to the country attaining its objectives by providing competitive financing, quality banking products and, above all, new investments that reaffirm our firm commitment to Mexico".

Regarding Santander's investment plan in Mexico, Botin said that 51 new branches have been opened out of the 200 that were scheduled for the next two years and during the last quarter of this year the pace will be accelerated with another 40 beginning operations.

"This is the most ambitious plan we have carried out in recent years and it has created 1,100 jobs so far," said Botin, who this week chaired Santander's first-ever board meeting in Mexico. EFE