BBVA to invest US$1.1bn in IT, distribution network

- Wednesday, June 22, 2011

BBVA to invest US$1.1bn in IT, distribution network

Spanish banking giant BBVA will invest US$1.1bn in Mexico over the next three years to improve the IT and distribution capacity of its local unit, BBVA Bancomer, bank executives unveiled at a corporate meeting in Mexico.

The investment will go toward new technological platforms, as well as branches, ATMs and payment terminals, said BBVA CEO and chairman Francisco González.

A further US$900mn will go to building new corporate headquarters in Mexico City, a Bancomer spokesperson told BNamericas.

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González also unveiled plans for a new data processing center in Mexico, which on completion in 2015 is expected to improve account security for Bancomer's clients.

BBVA Bancomer is the largest financial group in Mexico. Besides the banking unit, it also has a pension fund manager, an insurance company, a brokerage division and a non-bank mortgage lender.