Banco del Bienestar will have 2,700 branches by 2021, an amount that will exceed the units that other financial institutions such as BBVA and Citibanamex have, according to the plan of President Andrés Manuel López Obrador.
This Monday, López Obrador reported that the construction of 2,700 Welfare Bank branches. He explained that 1,350 will be built this year, while the rest will be built in 2021.
Meanwhile, BBVA has 834 units, according to its website with the last update in June 2019. Citibanamex totaled 1,463 to November last year and Santander to December 2019 had 1,411 branches.
Banorte has a total of one thousand 150, the latter according to 2018 data; In the third quarter of 2019 HSBC had 962 branches, and Banco Azteca reached more than 1,800 units in the third quarter of last year.
The chief executive said that for the first more than 1,300 branches of Banco del Biestar, 5 billion pesos will be invested, and another 5 billion next year, which will be obtained from the savings at the end of the year.
He said that they are currently in search of land to build financial facilities, which at the same time seek to function as “service integration centers,” meaning that branches are next to a school or a health center.
López Obrador said that work is already being done on the selection of personnel that will work in the branches and so far it is estimated that there are three or four who are in each unit.
According to the study ‘The geography of financial inclusion: geospatial analysis of financial infrastructure availability in localities of Mexico’, 70 percent of the population lives in locations that have at least one branch within a radius of 2 kilometers . And this figure grows to 76 percent and 83 percent on the radius of 4 km and 7 km, respectively.
With information from Notimex
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