BBVA Will Add 700 to Colombia Staff in Pursuit of Market Share

Banco Bilbao Vizcaya Argentaria SA (BBVA) will add 700 employees this year in Colombia as it opens 47 new offices, said Oscar Cabrera, the bank’s local unit president.

The hires will increase staff at BBVA Colombia, the country’s fourth-largest lender, to 5,500 by the end of the year, Cabrera told reporters in Bogota. The bank plans to spend $445 million to expand in Colombia and add 2,000 workers through 2016, he said.

“It has the objective of significantly improving our market share and presence in Colombia,” Cabrera said. “Our operations here have powerful profit generation and capital generation, and we’re going to be able to eat our cake without having to ask for additional capital from our parent.”

BBVA Colombia, the Andean nation’s largest international bank, with about 10 percent of loans, is looking to add 3 percentage points to its market share, Cabrera said.

To contact the reporter on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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