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Spanish financial institution BBVA has an ambitious expansion plan for their BBVA Bancomer USA division, which is to open 265 offices in five years for a total 300. They currently operate 35 branch offices in the U.S.
The U.S. subsidiary of BBVA specializes in working with Hispanic immigrants that have recently arrived in the country, and the planned new offices will take advantage of the great opportunities that doing business with that group of people represents.
BBVA is building a platform in North America to promote full banking services by taking advantage of shipments between Mexico and the U.S. to offer basic banking commodities.
According to BBVA ´s CEO, America is a well of opportunities due to the growing demand for products by individuals and companies alike. The bank believes that there are opportunities to increase personal banking in the areas of mortgages, credit cards and consumer credit. They also see their business banking increasing in Latin America with a special focus on financing.
In general, BBVA has noticed growing demand among their customers and by promoting new products the bank predicts tremendous opportunities for the future.
BBVA is betting on banking products, personalized customer service and differential treatment to certain groups, like immigrants, which will allow them access to banking.
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4/28/06
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