Mexico City, D.F. – Spain-based BBVA Group has announced a $1.5 billion investment into Mexico over the next 5 years.
The announcement was made in a press release by president of Grupo Financiero BBV Francisco González who says that despite the arrival of the new US president, BBVA will commit to the investment. He says that the investment will focus on software, big data and artificial intelligence to prepare the bank to be “absolutely more efficient and closer to customers.”
“My perception about investing in this country does not change at all with the arrival of Trump. Rather, on the other hand, I think this is going to be an opportunity for Mexico over time … there will be up and down times, but the Mexico-US relationship is powerful, great, not only in terms of trade also in security and these are absolutely essential things.”
Francisco González expressed his confidence in Mexico saying, “We are long-term investors and I hope we get more opportunities to continue to invest. I have always believed in this country, we have had good moments, not so good ones too, but Mexico is here, always solid. We have an enormous confidence in Mexico, in BBVA Bancomer, in our team and the Mexican business community.”
The announcement was made in joint with Mexican Secretary of Finance, José Antonio Meade.
José Antonio Meade thanked the BBVA Executive Chairman and said, “This is an important visit because today we have here with us the Chairman of Mexico’s most important bank. Given its capital position, its infrastructure and its financial strength, (BBVA Bancomer) is an important and systemically relevant bank.”
As for the relations between Mexico and the U.S., the BBVA Executive Chairman said that these “two economies are extremely intertwined, with more than $500 billion in trade.”
In 2013, BBVA reportedly invested more than $3.5 billion dollars in Mexico over four years to highlight the bank’s growing presence in Latin America. The money was used to renovate its branches, upgrade information technology and to fund the construction of new operations centers, as well as a new corporate headquarters.
BBVA has more than 21 million customers in Mexico and claims more than 30 percent of the nation’s market share in loans.