| Type | Wholly owned subsidiary |
|---|---|
| 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 |
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]
Founded in 1932 in Mexico City 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 Bancomer S.A. from BMO Financial Group, 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.
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