06 December 2016
Visit aciworldwide.com

BBVA disloses EUR5.6bn technology investment

01 June 2007  |  6317 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)

Finextra news in your inbox

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

Related stories

Major euro banks to work with Swift for Sepa compliance testing

Major euro banks to work with Swift for Sepa compliance testing

11 October 2006  |  6909 views  |  0 comments
Clearstream signs BBVA to Vestima+ funds processing service

Clearstream signs BBVA to Vestima+ funds processing service

01 February 2005  |  3209 views  |  0 comments
BBVA licenses Fundtech CLS package

BBVA licenses Fundtech CLS package

06 January 2004  |  3206 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit aciworldwide.comVisit contisgroup.comFind out more

Who is commenting?

A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
6955 views 12 comments | 15 tweets | 26 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
6509 views comments | 23 tweets | 15 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
6231 views comments | 17 tweets | 21 linkedin
Amazon signs up tech firms to financial services cloud programmeAmazon signs up tech firms to financial se...
6079 views comments | 14 tweets | 15 linkedin
China tops world fintech rankingsChina tops world fintech rankings
5553 views comments | 33 tweets | 29 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job