Banco Bilbao Vizcaya Argentaria SA completed the transformation of its Mexican banking operations at a lower cost than initially expected, El Economista reported.
The paper said the bank had budgeted $3.5 billion for the plan, which commenced in 2013 and was due to finish at the end of 2017, but actually spent $3.1 billion, or 88.5% of the total budget.
BBVA used the money to upgrade 1,800 branches belonging to BBVA Bancomer SA Institución de Banca Múltiple Grupo Financiero BBVA Bancomer, update computer systems and establish new corporate headquarters.
The paper said BBVA still intends to invest in Mexico, where it has the market edge with a roughly 26% share.
