MEXICO CITY – Mexican bank leader Grupo Financiero BBVA-Bancomer SA said it has launched a private bank Wednesday to provide comprehensive services for wealthy clients.
[box type=”note”]Private Bank Bancomer said its clients account for 40% of Mexico’s market for high net-worth individuals.[/box]
“People don’t have to think about offshore institutions to get answers to their financial needs,” said Jaime Alvarez, who heads the private bank, in a release.
The new bank will coordinate services from all areas, including business and commercial banking, investing and trustee services.
BBVA Bancomer is the Mexican unit of Spain’s Banco Bilbao Vizcaya Argentaria SA (BBV).
Why do Wealthy Clients Prefer Bancomer?
As of December 31, 2013, it is the largest financial institution in Mexico , 1st place in market share of 21.3%, with total assets of 1’371,883 mp 1st Place in current credit, with a market share of 24.2% with 698,900 mp. At the same time, it had 37,440 employees, 1,794 branches and more than 19 million customers.
In 1932 the Banco de Comercio (Bancomer) was founded in Mexico City by the BUDDHA Group (Bailleres, Ugarte, Dominguez and Amescua), a group of friends and entrepreneurs who actively participated in the development of the Mexican financial system. Over the next twenty-five years thirty-four regional banks were founded in the Mexican Republic to form the Bank of Commerce System. In the 50s, the entrepreneur poblano Manuel Espinosa Yglesias and American William O. Jenkins take control of the management and board of the bank. On September 1, 1982, was nationalized by Jose Lopez Portillo .
During the administration of President Carlos Salinas de Gortari policy bank privatization it was implemented; thus, in December 1991, the bank was acquired by the group Vamsa- Visa of Eugenio Garza Lagüera totaling 564 213 000 000 MXP (former Mexican pesos) equivalent to 56% of the shares. In June 1995 , the institution created Bancomer Transfer Services to cover business transfers in December 1996 was Afore Bancomer to be part of the Retirement Funds Administrators (AFORE) and in May 1997 was created Pensiones Bancomer.
In July 2000 it changed its name to Grupo BBVA Bancomer when Banco Bilbao Vizcaya Argentaria (BBVA) invested 400 000 000 USD through the merger of BBV-Probursa financial group. BBVA Bancomer became the largest financial institution in Mexico in August 2000, when it bought Banca Promex.
Photo credit: Ted’s photos – For Me & You via VisualHunt.com / CC BY-NC-SA
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