BBVA México
Mexican bank From Wikipedia, the free encyclopedia
Mexican bank From Wikipedia, the free encyclopedia
BBVA México[lower-alpha 1] is the largest Mexican financial institution (2024), having about 30.4% of the market.[2] Founded in 1932 as Banco de Comercio (Bancomer), and rebranded from 2000 to 2019 as BBVA Bancomer,[3] its main stockholder is the Spanish bank BBVA.[4] Its headquarters are located at the Torre BBVA México on Paseo de la Reforma in Mexico City.
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| BBVA México | |
| Company type | Partially owned subsidiary / private company |
| Industry | Finance and Insurance |
| Founded | 1932, as Banco de Comercio (Bancomer) 2000, as BBVA Bancomer |
| Headquarters | Torre BBVA México, |
Key people | Manuel Espinosa Yglesias, Carlos Torres Vila, (CEO) |
| Products | Financial services |
Number of employees | 44,314 [1] |
| Parent | BBVA |
| Website | www.bbva.mx |
By the end of 2023, BBVA Mexico was the largest financial group in the country, with a network of 1,706 branches and 14,500 ATMs distributed throughout the country's 32 states,[1] with a 30.4%% market share.[5]
On September 20, 2021, BBVA Mexico announced the change of its corporate name.[6]
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 majority of the stock. In July 2000, Spanish Banco Bilbao Vizcaya Argentaria purchased most of Bancomer S.A.'s public stock 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 stock to take complete ownership of the bank.[7]
In December 2023, BBVA México serves over 30,2 million customers, has 1,706 bank locations, and 14,500 ATMs. It currently operates as fully owned subsidiary of Spanish BBVA Group. It represents 40%[8] of the total revenues of BBVA worldwide, making it the biggest bank of the group outside Spain.
In June 2019, BBVA unified its brand worldwide and BBVA Bancomer was renamed BBVA.[9]
BBVA is the title sponsor of Liga MX soccer since 2002.
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