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Mexico to Receive $2 Billion from Spain's BBVA

13 September, 2012

BBVA announced last week that it plans to invest more than $2 billion USD in its Mexican arm over the next three years alone. The Spanish banking giant said it will use the funds to improve and expand locations throughout Mexico,and will also increase the number of available ATMs while bolstering its mobile banking capabilities.

“This plan entails strong investment in technology and new platforms,and it is also an indication of BBVA Bancomer's commitment to banking and the promotion of lending,” BBVA chairman and CEO Francisco Gonzalez said last Tuesday in an address to directors and Mexican president Felipe Calderon.

BBVA also plans to improve and expand upon its corporate offices,which are already located in Mexico City. In the address,Gonzalez called this “an indication of [the bank's] confidence in the country's future.” He went on to add that Mexico has been improving its “productivity and its capacity for growth,key factors for success in the medium and long term.”

Spanish-based BBVA has been enjoying one of the strongest periods in the bank's entire history despite the global financial crisis and posted profits in 2010 of $6.5 billion,which was up nearly 10 percent from the previous year. Technology is partly to thank for this success,as the Internet has changed the way people spend money and how they shop. For example,today's consumers can choose from a global marketplace much easier than they could in the past,giving social networks added power in the marketplace.

“As a result,BBVA is building a new business model with technology as a competitive advantage,” Gonzalez said,adding that the planned investment and expansion in Mexico is part of the bank's ongoing efforts to attract “more customers,more channels,more products,more locations with lower costs,more differentiation,efficiency,quality and security.”

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Topics: Economy Mexico

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