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Spanish bank BBVA (NYSE: BBVA) wants to keep growing above the market in South America's car loan segment over the next few years, to expand its leading 17% market share in this business, Vicente de la Parra, the bank's business development and innovation director for the region, told BNamericas.
BBVA's growth in the car loan business will be underpinned by vibrant activity in regional car sales, which are expected to grow 30% annually to reach 13bn euros (US$17.7bn) by end-2012.
To strengthen its position in this business, last month BBVA bought an additional 24.5% stake in Chile's largest non-bank car finance company, Forum.
In South America, the bank grew car loans 23.4% year-on-year in 1H11 to 1.7bn euros. Half of this figure comes from the eight banks the Spanish lender operates in the region and the other half from its car loan companies in Argentina and Chile, de la Parra said.
The full interview with de la Parra will be published in this week's Banking Perspectives, for subscribers only.