BBVA, Spain’s second-largest bank by assets, has unveiled plans to invest $3.5bn over the next four years in its Mexican unit to modernise its branch network and meet other objectives.
The bank said it would spend $1.3bn to upgrade its 1,797 branches.
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A further $1.5bn will be invested in new technology infrastructure and the remaining $700m will be spent on BBVA Bancomer’s corporate headquarters in Mexico.
Francisco González, executive chairman of BBVA, said: "We are convinced that in the coming years, Mexico will become one of the most important and dynamic economies in the world and that will lead global growth.
"It’s the biggest investment in the history of BBVA Bancomer and one of the biggest investments carried out by a private company in Mexico in a short period of time."
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