The Mexican subsidiary of Spanish financial group Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) said Thursday it extended 33,000 mortgages in 2011, and that it expects to grant another 70,000 this year.

Government mortgage lender Infonavit granted more than 500,000 mortgages last year, covering the bulk of the 650,000 housing credits in the country for 2011.

BBVA Bancomer, as BBVA's Mexican unit is known, said it expects to issue mortgage credit worth 15 billion pesos ($1.14 billion) this year.

-By Amy Guthrie, Dow Jones Newswires; amy.guthrie@dowjones.com

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