BBVA Bancomer SA doesn't plan to close any of its Mexican branches, even though its Spanish parent company is doing so in an effort to cut costs, El Economista reported citing business development chief Hugo Nájera Alva.
"In Mexico it will not happen for a long time," Nájera Alva, who is in charge of leading the bank's digital strategies team in Mexico, was quoted as saying. The executive noted that, as compared to Mexico, parent company Banco Bilbao Vizcaya Argentaria SA is facing a very different situation in Spain, where it has one of the country's largest branch footprints.
The Spanish banking giant is expected to have closed more than 500 Spanish branches during 2016, and CEO Carlos Torres has suggested that the bank could ultimately close all but 1,000 of its 3,800 branches in the country.
Conversely, Nájera Alva argued, BBVA Bancomer is still investing heavily in its 1,800-strong Mexican branch network, which he said has continued to see strong demand despite the advance of digital banking.