(Adds context, share movement)
MEXICO CITY Dec 8 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
($1 = 20.3750 Mexican pesos)
(Reporting by Noe Torres and Natalie Schachar; Editing by Lisa