Santander Mexico, the Mexican arm of Spanish banking group Santander, has announced plans to invest MXN15bn ($741m) over the next three years.

The capital will be used between 2017 and 2019 for systems and infrastructure upgrades, including incorporation of next generation technology, Santander Mexico said.

The bank also intends to use the investment to upgrade its CRM and digital platforms, overhaul its multichannel distribution network, as well as launch multifunction ATMs.

The bank, which has a branch network of 1,076 across Mexico, also plans to launch more innovative products.

Santander Mexico executive president and CEO said: “Recognizing the need to enhance our processes and digitalize our operations, we are investing to provide higher quality service at a lower cost. This means customer satisfaction, innovation and product value, remain our benchmarks for success."

Santander Mexico offers retail and commercial banking, securities brokerage, financial advisory as well as other related investment activities. The division has over 13 million customers and workforce of 16,828 in the country.

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By GlobalData