As part of its plan announced in 2019 and which will end in 2024, BBVA will invest around 13,000 million pesos in Mexico, its main market, in 2022, informed Carlos Torres Vila, president of the Spanish financial group.
In 2019, the institution reported its investment plan in the country by 2024. In this way, in the first year, 9,873 million pesos were channeled; in 2020 —due to the pandemic— the amount was 8,670 million; in 2021 the figure rose to 10.675 million; and in 2022 they will be just over 13,000 million. Between 2023 and 2024 the remaining 20.76 billion will be injected.
“We launched an ambitious investment plan in BBVA Mexico of 63,000 million pesos between 2019 and 2024. Until last year, we have invested more than 29,000 million pesos. This year we hope to invest another 13,000 million, all of this to provide the best service to our 26 million customers in Mexico, to contribute to Mexican society in general,” said Carlos Torres Vila.
The main investment destinations, it was detailed, are new products and processes; mobile digital offer; infrastructure, and security and availability.
Within the framework of the National Meeting of Regional Directors of BBVA Mexico held this Tuesday, the president of the group highlighted that in 2021, the bank at a global level, reported the highest recurring profit of the last decade for an amount of 5,069 million euros .
“Results in which the extraordinary contribution of Mexico stands out. It is Mexico, our bank here, one of the leaders at the group level in terms of market share, profitability and efficiency as well”, he said.
He added: “At BBVA we are firmly committed to a more sustainable and inclusive future for Mexico. We want to make our purpose of making the opportunities of this new era available to everyone here in Mexico.”
Follow the commitment to the country
Eduardo Osuna Osuna, vice president and general director of BBVA Mexico, highlighted that, after 90 years of existence, the bank’s commitment to the country continues, since great opportunities are seen such as demographic, geographic conditions, proximity to the United States United in the process of rearrangement of value chains, and the low banking penetration that prevails among the population.
He commented that the total amount of investments in the country could even end up higher than what was proposed, “because of all the opportunities we are seeing (…) we maintain a very positive perspective on Mexico.”
Other advantages, he said, is that Mexico is one of the countries with the lowest debt as a proportion of the Gross Domestic Product (GDP); the autonomy of institutions such as the Bank of Mexico (Banxico), and trade liberalization.
However, he also pointed out some challenges such as the increase in inequality, as well as in informality; the problems of insecurity, rule of law and solidity of the institutions.