BBVA Banco Frances, one of Argentina's largest financial institutions, plans to invest 1.2 billion pesos ($221.4 million) in the construction of its new headquarters in Buenos Aires, the company said.
The new BBVA Tower, designed by Miami-based international architecture studio Arquitectonica in partnership with local firm BMA and to be developed by Buenos Aires-based venture capital firm Consultatio, will be located in the Catalinas business complex, the bank said in a statement Friday.
It added that construction would be completed by the end of 2015.
The investment is the culmination of an office investment and relocation plan that was drawn up in 2010, the bank said.
BBVA Banco Frances CEO Ricardo Moreno said the construction of the new tower shows the bank's commitment to the country and its "absolute confidence in Argentina's future."
Banco Frances, controlled by Spanish banking giant Banco Bilbao Vizcaya Argentaria, posted net income of 1.26 billion pesos ($231.6 million) in 2012, up 13.8 percent from the previous year. EFE