BBVA Chile investing US$275mn

Spanish bank BBVA (NYSE: BBVA) is investing US$275mn in its Chilean operations as part of the US$2.5bn the company plans to invest in South America by 2016, BBVA Chile general manager Manuel Olivares was quoted as saying by local paper La Tercera. Approximately 60% of the investment in Chile will go toward expanding the bank's presence, growing from 90 offices in 2009 to the current 150. In addition the bank has earmarked US$110mn for IT systems in the next three years, aiming at providing an "omnichannel" experience that integrates all the bank's platforms, Olivares said. BBVA will continue working to provide the same services through all its platforms, which involves a high technical challenge, he added.