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BBVA Bancomer looks to build on leadership position in payroll loans

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BBVA Bancomer looks to build on leadership position in payroll loans

recently launched a campaign to add upto a million additional payroll accounts in Mexico in 2016 despite the economy'srecent deceleration, El Economista reported,citing the director of the bank's payroll project, Juan Carlos Arroyo.

The bankcurrently has about 7 million payroll accounts on its books, which represents 27%of such accounts in Mexico, the report said.

"Althoughwe have a strong leadership position [in the payroll market], we have come up withan ambitious plan for 2016," Arroyo was quoted as saying.

Competitionhas been increasing in Mexico's payroll loans segment, partly due to increased portabilityof accounts between institutions, but BBVA Bancomer does not yet perceive strongercompetition, he said.

BBVA'sMexican unit has recently invested in infrastructure, including more ATMs, branchesand digital applications, which has helped BBVA attract clients from other banks,according to Arroyo.

But otherbanks, including Grupo FinancieroSantander Mexico SAB de CV, are also developing new products to temptcustomers. Santander recently launched a product called Santander Plus, which reimbursesclients who move their accounts to the bank from other institutions, the publicationnoted.

SantanderMexico's executive president, Héctor Grisi, reportedly said the bank aims to doubleits number of payroll accounts in the next three years to 7 million.