BBVA México

BBVA México 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), and rebranded from 2000 to 2019 as BBVA Bancomer,[1] its main stockholder is the Spanish bank BBVA.[2] Its headquarters are located at the Torre BBVA Bancomer on Paseo de la Reforma in Mexico City.

BBVA México
Partially owned subsidiary / private company
IndustryFinance and Insurance
Founded1932 (1932), as Banco de Comercio (Bancomer)
2000, as BBVA Bancomer
HeadquartersMexico City, Mexico
Key people
Manuel Espinosa Yglesias, Carlos Torres Vila, (CEO)
ProductsFinancial services
ParentBBVA
Websitewww.bbva.mx

History

BBVA México, formerly Bancomer (Banco de Comercio), was founded in Mexico City in 1932 by Salvador Ugarte, Raul Bailleres, Liberto Senderos, Mario Dominguez, and Ernesto Amescua, with Ugarte holding about two-thirds of the shares, possibly for other investors. 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. In February 2004, BBVA bought the remaining shares of Bancomer S.A.'s public stocks to completely own the bank and make it a subsidiary.[3] This bank serves over 11 million customers, has 1,704 bank locations, and 4,286 ATMs. It represents 40%[4] 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.

In June 2019, BBVA unified its brand worldwide and BBVA Bancomer was renamed BBVA. [5]

References
  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.
  3. https://www.globalcustodian.com/bbva-to-buy-the-rest-of-bancomer-in-mexico/
  4. La Celosía. "La filial mexicana Bancomer aportó más del 40% del beneficio de BBVA".
  5. "BBVA to unify its brand worldwide, changes its logo" (Press release). PR Newswire. December 24, 2019.
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