BBVA México is the largest Mexican financial institution (2024), having about 26,7%, of the market. Founded in 1932 as Banco de Comercio (Bancomer), and rebranded from 2000 to 2019 as BBVA Bancomer, its main stockholder is the

Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many countries in the Americas **Spanish cuisine **Spanish history **Spanish culture ...

bank

BBVA Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational financial services company based in Bilbao, with operative offices in Madrid. It is one of the largest financial institutions in the world, ...

. Its headquarters are located at the Torre BBVA México on

Paseo de la Reforma Paseo de la Reforma (literally "Promenade of La Reforma, the Reform") is a wide avenue that runs diagonally across the heart of Mexico City. It was designed at the behest of Maximilian of Mexico, Emperor Maximilian by Ferdinand von Rosenzweig d ...

Mexico City Mexico City is the capital city, capital and List of cities in Mexico, largest city of Mexico, as well as the List of North American cities by population, most populous city in North America. It is one of the most important cultural and finan ...

. By the end of 2024, BBVA Mexico was the largest financial group in the country, with a network of 1,691 branches and 14,439 ATMs distributed throughout the country's 32 states, with a 30.4%% market share. On September 20, 2021, BBVA Mexico announced the change of its corporate name.

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 Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with priv ...

when

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university *President (government title) President may also refer to: Arts and entertainment Film and television *'' Præsident ...

José López Portillo José Guillermo Abel López Portillo y Pacheco (; 16 June 1920 – 17 February 2004) was a Mexican writer, lawyer, and politician affiliated with the Institutional Revolutionary Party (PRI) who served as the 58th president of Mexico from 1976 ...

nationalized the country’s

banking system A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

. In 1991, during the presidency of

Carlos Salinas de Gortari Carlos Salinas de Gortari (; born 3 April 1948) is a Mexicans, Mexican economist, historían and former politician who served as the 60th president of Mexico from 1988 to 1994. Considered the frontman of Mexican Neoliberalism by formulating, p ...

, Bancomer was again

privatized Privatization (rendered privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation w ...

when a group of investors led by

Eugenio Garza Lagüera Eugenio Garza Lagüera (18 December 1923 – 24 May 2008) was a Mexican businessman and philanthropist who served as chairman of the board of the Monterrey Institute of Technology (ITESM) and Femsa, Latin America's largest beverage corporation. I ...

bought the majority of the stock. In July 2000,

Banco Bilbao Vizcaya Argentaria Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational financial services company based in Bilbao, with operative offices in Madrid. It is one of the largest financial institutions in the world, ...

purchased most of Bancomer S.A.'s public stock from Canadian-based

BMO Financial Group The Bank of Montreal (, ), abbreviated as BMO (pronounced ), is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank, making it Canada's oldest bank. In 2 ...

, 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. 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% 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. BBVA is the title sponsor of

Liga MX Liga MX, also known as Liga BBVA MX for sponsorship reasons, is a professional association football league in Mexico and the highest level of the Mexican football league system. Formerly known as Liga Mayor (1943–1949) and also as Primera Divis ...

soccer since 2002.

Notes

References

External links

Official site

BBVA official site

BBVA Bancomer US operations
Banks of Mexico Banco Bilbao Vizcaya Argentaria Banks established in 1932 Mexican companies established in 1932 Mexican subsidiaries of foreign companies Companies formerly listed on the Mexican Stock Exchange {{mexico-company-stub