BBVA will exceed its investment plan in Mexico above 3400 million | comp

BBVA doubles down on its commitment to Mexico. The bank headed by Carlos Torres Villa will go beyond its investment plan in the Latin American country More than 63,000 million pesos (about 3,400 million euros at the current exchange rate) which he had planned in his 2019-24 plan. This was stated by Torres himself during the opening of the National Meeting of Regional Directors of BBVA Mexico, where the bank brings together more than 300 businessmen from all over the country to analyze economic and social challenges.

“We are convinced that Mexico is a great country, with enormous potential and capabilities to take advantage of the opportunities that arise from the new world order and growing regionalism, taking advantage of key trends such as innovation and sustainability. For this reason, we continue our firm commitment to the country,” said the BBVA President.

Along these lines, Torres explained that last year was a record investment in the Mexican state, of more than 13,000 million pesos (about 630 million euros). Thus, the BBVA President highlighted the potential Growth in businesses related to innovation and sustainability. “We see great potential in Mexico because of its talent, willingness to perform, the size of its market and its proximity to the United States, which makes it, along with Brazil, the main destination for innovation in Latin America,” he said.

Likewise, Torres appreciated international movements that are reshaping value chains and making Mexico a natural candidate for relocation of production processes or “near-localisation”. “Mexican manufacturing is one of the most competitive industries globally and proximity transportation is a tailwind, especially for some industries, such as industrial real estate, transportation infrastructure, industrial or building materials. In short, ‘closeness’ and the private investment it can attract is an opportunity historic for Mexico, and enormous growth potential,” he emphasized.

Mexico is the main driver of business generation for BBVA. In the first quarter of 2023, the bank earned a profit of 1,285 million in the Latin American country, up 44%. That number is twice that of Spain, which generated 541 million between January and March. For its part, Turkey, BBVA’s third market, contributed 277 million.

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