BBVA Bancomer

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 its main stockholder is the Spanish bank BBVA. Its headquarters is located at the Torre BBVA Bancomer on Paseo de la Reforma in Mexico City.

History

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. 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. It currently operates as fully owned subsidiary of Spanish BBVA Group.