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Scotiabank confirms technology investment in Mexico

will investC$185 million in a new core banking technology system in Mexico as part of aseries of measures aimed at improving the Canadian bank's long-term success.

The plans, releasedApril 13 following the company's annual shareholder meeting, confirm commentsmade to S&PGlobal Market Intelligence in March by GrupoFinanciero Scotiabank Inverlat SA de CV CEO Enrique ZorrillaFullaondo.

At thetime, the executive noted that one of the most important challenges facing thebank is a renewal of its core banking technology platform in 2018.

"We'llbe working in a completely different bank," Zorrilla had said. "The core system will give usflexibility and much greater agility in functioning and innovation, [and]adjustments to the market; we will be much more rapid." The CEO said thatthe bank was investing a total of 3.60 billion Mexican pesos in its electronicand mobile banking platforms and is also launching a new mobile banking systemcalled Leap in April.

As of April 12, US$1 was equivalent to 17.57Mexican pesos.