BBVA subsidiary to invest US$50mn in 2011 to expand branch network by 50%

Friday, March 18, 2011

BBVA Chile will invest US$50mn in 2011 to expand its branch network by 50% to reach 150 branches nationwide, local daily El Mercurio quoted the bank's CEO, Ignacio Lacasta, as saying.

Seven of those branches will exclusively cater to the bank's high net worth customers, while another seven will service its SME clients. The bank will create specific areas to target these two segments, which were not specifically served previously, he said.

Though the bank is looking to grow organically, acquisitions are not off the table, Lacasta said.

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BBVA Chile - a unit of Spain's BBVA (NYSE: BBVA) - is the country's sixth largest bank, commanding a 7.26% loan market share.