December 8, 2016 / 6:31 PM / 2 years ago

UPDATE 1-Santander Mexico to invest more than $700 mln over 3 years

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MEXICO CITY, Dec 8 (Reuters) - Santander Mexico will invest more than 15 billion pesos ($736 million) over the next three years to modernize its bank branches and explore new businesses, Hector Grisi, president of the Mexican unit of Spain’s Banco Santander SA, said on Thursday.

“This is the biggest investment that Santander has made since it came to Mexico,” Grisi said.

In a statement to Mexico’s stock exchange, the company said it would use the investments to update systems and infrastructure, including its digital platforms and ATMs.

The bank, which has more than 1,000 branches across Mexico, is one of the country’s four largest by assets.

Earlier this year, Citigroup Inc said it would invest $1 billion in Mexican unit Citibanamex’s information technology, digital banking, branches, ATMs and other areas.

Santander Mexico’s stock was the biggest gainer on the benchmark IPC index on Thursday, rising 3.2 percent in early trading.

$1 = 20.3750 Mexican pesos Reporting by Noe Torres and Natalie Schachar; Editing by Lisa Von Ahn

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