BBVA Bancomer

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BBVA Bancomer S.A.
Type Partially owned subsidiary / private company
Industry Finance and Insurance
Founded 1932, as Banco de Comercio (Bancomer)
2000, as BBVA Bancomer
Headquarters Mexico City, Mexico
Key people Manuel Espinosa Yglesias, Ignacio Deschamps, (CEO)
Products Financial Services
Parent BBVA
Website www.bancomer.com.mx
Exterior of a Bancomer branch

BBVA Bancomer is a Mexican financial institution, and the largest in the country, dominating about 20% of the market. Founded in 1932 as Banco de Comercio (Bancomer), since 2000[1] its main stockholder is the Spanish bank BBVA.[2] Its headquarters will be at the Torre BBVA Bancomer on Paseo de la Reforma in Mexico City.

History[edit]

Founded in 1932 in León, Guanajuato as Banco de Comercio (English: Commerce Bank) (Bancomer). In 1982, Bancomer was nationalized when President José López Portillo nationalized the country’s banking system. In 1991, during the presidency of Carlos Salinas de Gortari, Bancomer was again privatized when a group of investors led by Eugenio Garza Lagüera bought the major stocks of the bank. In July 2000, Spanish Banco Bilbao Vizcaya Argentaria purchased most of Bancomer S.A.'s public stocks from Canadian based BMO Financial Group, partially merging it with BBV Probursa, thus the BBVA in its name. This bank serves over 11 million customers, has 1,704 bank locations, and 4,286 ATMs. It represents 30% of the total revenues of BBVA worldwide, making it the biggest bank of the group outside Spain. It currently operates as fully owned subsidiary of Spanish BBVA Group.

References[edit]

  1. ^ America's Insider. "BBCA buys 49% of Bancomer". Allbusiness.com. Retrieved 5 August 2008. 
  2. ^ "VISION:Clients: BBVA Bancomer". Vision. Retrieved 5 August 2008. 

External links[edit]