06 October 2015

BBVA disloses EUR5.6bn technology investment

01 June 2007  |  5869 views  |  0 Pound Coin Cash

Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) is to invest EUR5.6 billion in technology over the next three years, as part of a new business transformation programme.

The group says EUR2.5bn of the overall technology spend relates to initatives arising from its global 'innovation and transformation' plan, which is expected to increase productivity by 15% and improve efficiency by 20%. BBVA says it will focus on back office operations and using technology to increase efficiency and productivity.

The bank also plans to oversee a 20% increase in the number of customers in its three main markets of Spain and Portugal, Mexico and South America.

Under the transformation plan BBVA says it will re-vamp 50% of its branches in Spain and Portugal. These new banking centres will also become distribution channels for "non-financial products" such as insurance and services for private customers and SMEs. Overall the bank says it is looking to derive 10% of its operating profit growth from these "non-financial products".

BBVA also plans to expand its the branch network in Mexico by 45 to 2010, and increase the number of ATMs it operates in the region from 4876 to 7500.

In South America the bank will expand its ATM network from 2000 units to 5600 and will open 240 new branches, bring the total number of branches in the region to 1600. The bank says it will also focus on targeting unbanked customers in the region.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

11 October, 2006
01 February, 2005
07 April, 2004
06 January, 2004

Related company news


Top topics

Most viewed Most shared
More global banks back blockchain collabor...
10624 views comments | 57 tweets | 49 linkedin
Banks face choice to collaborate or compet...
8026 views comments | 41 tweets | 47 linkedin
BNP Paribas to pilot cards with dynamic CV...
6185 views comments | 31 tweets | 36 linkedin
Worldpay trials facial recognition technol...
6182 views comments | 22 tweets | 38 linkedin
Payments firm Adyen scores funding at $2.3...
4834 views comments | 16 tweets | 14 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job