Spain’s Grupo BBVA has introduced a $3.5bn investment plan for its Mexican unit BBVA Bancomer for the next three years until 2016, in a bid to overhaul its entire banking operations in the country.
The bank will spend $1.3bn amount to refurbish its more than 1,700 bank branches, $1.5bn for implementing new technologies and nearly $700m to revamp its corporate headquarters in Mexico City, as reported by Financial Times.
BBVA group chairman Francisco Gonzalez said, "This is an unprecedented investment (program) … the largest investment in the history of BBVA Bancomer and one of the largest made by a private company in Mexico in such a short space of time."
"With nearly 21 million customers, BBVA Bancomer leads practically all market segments with (market) shares in loans of between 20 percent and 30 percent."
In 2012, BBVA Bancomer accounted for more than one-third of the banking group’s global profits.
Other global banks including, Citi, HSBC, Santander are also gearing up to expand their footprint in the country.
Established in 1857, BBVA operates as a customer-centric global financial services group in Spain and is one of the largest financial institutions in Mexico.
Managing 7,978 branches with the help of 115,852 employees in 32 countries, the lender serves approximately 53 million customers, globally.