BBVA México

BBVA México^[a] is the largest Mexican financial institution (2024), having about 26.7%, of the market.^[2] Founded in 1932 as Banco de Comercio (Bancomer), and rebranded from 2000 to 2019 as BBVA Bancomer,^[3] its main stockholder is the Spanish bank BBVA.^[4] Its headquarters are located at the Torre BBVA México on Paseo de la Reforma in Mexico City.

BBVA México S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México

Headquarters (Torre BBVA México) on Paseo de la Reforma in Mexico City.
Trade name	BBVA México
Company type	Partially owned subsidiary / private company
Industry	Finance and Insurance
Founded	1932; 93 years ago (1932), as Banco de Comercio (Bancomer) 2000; 25 years ago (2000), as BBVA Bancomer 2019; 6 years ago (2019) as BBVA México
Headquarters	Torre BBVA México, Mexico City, Mexico
Key people	Manuel Espinosa Yglesias, Carlos Torres Vila, (CEO)
Products	Financial services
Number of employees	47,554 [1]
Parent	BBVA
Website	www.bbva.mx

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,^[1] with a 26.7% market share.^[2]

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 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 majority of the stock. In July 2000, Spanish Banco Bilbao Vizcaya Argentaria purchased most of Bancomer S.A.'s public stock from Canadian-based BMO Financial Group, merging it with the Mexican BBVA-owned bank Probursa. In February 2004, BBVA bought the remaining shares of Bancomer S.A.'s public stock to take complete ownership of the bank.^[5]

In June 2019, BBVA unified its brand worldwide and BBVA Bancomer was renamed BBVA México.^[6]

As 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%^[7] of the total revenues of BBVA worldwide, making it the biggest bank of the group outside Spain.

BBVA is also the title sponsor of Liga MX soccer since 2002.

Notes

1. Legal company name: BBVA México S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México