BankBoston Corp. plans to spend $100 million in 1998 to build its branch network in Latin America, chief executive officer Charles K. Gifford told analysts Friday.
By the end of next year, the bank expects to have 150 branches in Argentina, which will help it earn 30% of its revenue from the region by 2001.
The bank has been steadily building its presence in Latin America, where it has long held operations. In September the company said it would buy Deutsche Bank's Argentine retail banking operations, a move that would add 48 branches to its current 44.
While BankBoston expands abroad, Mr. Gifford said he doesn't expect to make a major acquisition domestically, though he said the bank would like to build its business in Connecticut.
"In the U.S., it's not a good time to be buying," he said.
BankBoston expects to unveil a two-year restructuring plan, through which it will cut some jobs. The bank said its regional banking effort will provide returns of 4%-5% per year.