Grupo Financiero BBVA Bancomer, S.A. de C.V.
Company Information

Av. Paseo De La Reforma No. 510
Ciudad De Mexico, Ciudad De Mexico, 06600 Mexico
+52-5556215875 †

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Grupo Financiero BBVA Bancomer, S.A. de C.V. Company Profile

Grupo Financiero BBVA Bancomer (GFBB) owns BBVA Bancomer, one of Mexico's largest banks. BBVA Bancomer operates some 1,800 branches and 6,800 ATMs and carries about one-fifth of Mexico's retail banking market. In addition to retail banking, the group offers corporate, private, and mortgage banking as well as investment and government banking services. Non-banking subsidiaries include pension fund manager Afore Bancomer, annuities firm Pensiones Bancomer, mortgage lender Hipotecaria Nacional, and property/casualty and life insurer Seguros Bancomer. The company has roots going back 150 years.

Bancomer operates in California through BBVA Bancomer USA, a remittance bank serving the Hispanic population in and around Los Angeles. The company's parent, Spain's Banco Bilbao Vizcaya Argentaria (BBVA) has been building its franchise in the US, mostly through its Compass unit.

GFBB was formed by the 2000 merger of the nearly 70-year-old Grupo Financiero Bancomer with BBVA-Probursa (a subsidiary of BBVA). The company accounts for about 30% of its parent's sales.

The bank faces stiff competition from Banamex and other rivals. Its fastest-growing lending line is commercial loans, which accounts for more than 40% of all loans. Residential mortgages and credit cards have also contributed to the bank's growing loan portfolio. GFBB plans to boost construction loans and mortgage lending as Mexico's demand for housing grows during the economic recovery.

GFBB has been investing in its technology infrastructure. In 2010 it introduced mobile banking and its Bancomer Express mobile channel, a low-cost banking option designed to attract Mexico's unbanked citizens (a population which totals up to 8 million). The company has also expanded its ATM and point-of-sale network, which represents about a third of the country's market share.

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