BBVA México is the largest Mexican financial institution (2021), having about 20% 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 Latin American countries **Spanish cuisine Other places * Spanish, Ontario, Can ...

bank

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

. Its headquarters are located at the

Torre BBVA México The Torre BBVA México ("BBVA México Tower", formerly Torre BBVA Bancomer) is a skyscraper on Paseo de la Reforma in Colonia Juárez, Mexico City. It is the headquarters of BBVA México, Mexico's largest bank. Upon its completion in 2015 it bec ...

Paseo de la Reforma Paseo de la Reforma (translated as "Promenade of the Reform") is a wide avenue that runs diagonally across the heart of Mexico City. It was designed at the behest of Emperor Maximilian by Ferdinand von Rosenzweig during the era of the Secon ...

Mexico City Mexico City ( es, link=no, Ciudad de México, ; abbr.: CDMX; Nahuatl: ''Altepetl Mexico'') is the capital and largest city of Mexico, and the most populous city in North America. One of the world's alpha cities, it is located in the Valley o ...

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 usually refers to p ...

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: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

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 t ...

nationalized the country’s

banking system A bank is a financial institution that accepts 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 markets. Becaus ...

. In 1991, during the presidency of

Carlos Salinas de Gortari Carlos Salinas de Gortari CYC DMN (; born 3 April 1948) is a Mexican economist and politician who served as 60th president of Mexico from 1988 to 1994. Affiliated with the Institutional Revolutionary Party (PRI), earlier in his career he wor ...

, Bancomer was again

privatized Privatization (also 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 when ...

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 Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present ...

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

BMO Financial Group The Bank of Montreal (BMO; french: Banque de Montréal, link=no) is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank; while its head office remains in ...

, 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. BBVA México serves over 11 million customers, has 1,704 bank locations, and 4,286 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.

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 {{mexico-company-stub