El Grupo Financiero BBVA Bancomer ( GFBB ) is the largest private financial institution in Mexico in terms of deposits, amounting to $ 547.135 billion pesos as of March 2009, and number of bank customers, which currently stands at 15.7 million.
At the same time, GFBB recorded assets of $ 1,142,947 million pesos, stockholders' equity of $ 122.365 million pesos and 3 $ 3.088 employees.
GFBB is a holding company subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA), one of the largest financial groups in the Euro Zone .
In terms of market capitalization, BBVA worth amounted to 33.507 million euros at the end of June 2009.
BBVA is a financial group with a high solvency and profitability, has a presence in 32 countries around the world with 112,059 employees, over 47 million customers and 7,458 offices, emphasizing its commitment to Latin America where it forms its leading financial franchises.
The principal subsidiary of GFBB is BBVA Bancomer (Bancomer), a leading banking institution that operates under a system of universal banking services through a total network of branches in June 2009 of 1,838 branches and ATMs 5.929, representing 17.3% and 19.8 % respectively, of the Mexican banking system.
The Bancomer business model is based on the sophistication of the clients across business units that meet the specific needs and desires of each segment, designing a range of made to measure products and services, backed by quality and the Bancomer brand strength. In addition, each unit specialized for individuals or companies has its own distribution network.
On October 15, 1932, the Bank of Commerce in the center of Mexico City was founded with a business model based on three pillars: customers, supply of financial intermediation, not only national expansion, and through development of a system of branches, which bear the name of Banco Mercantil.
Within a few years of being created, the bank was positioning itself as a major bank.
During World War II, a flow of foreign capital went to Mexico. These deposits were raised by the banking sectors and continued the growth of the bank.
In the midst of international problems, the Bank of Commerce became one of the largest financial institutions in the country managing to consolidate its position. For 1946 its deposits had increased fivefold and was among the four largest banks.
Entrepreneurial dynamism that emerged in the 50's, increasing urbanization and the onset of rapid population explosion, increased the domestic demand and led to increased business opportunities for the private sector.
On 1 September 1982, in his latest report on government, President Jose Lopez Portillo announced the expropriation of private banks in Mexico. The nationalization of banks, including Bancomer, kept commercial banks in state hands for nearly ten years.
Reprivatization ordered by presidential decree in 1989, began the process of the auction of Bancomer institutions attended by 44 groups. The principal officials of the Securities Group Monterrey, SA (VAMS) of Eugenio Garza LagŁera , were closely involved in analyzing the options. One of them was the then director of the group, Ricardo Guajardo Touche, who eventually would lead Bancomer. Another financier who participated in the studies was Hector Rangel Domene, president of the bank today.
On 1, December 1991, the institution was handed over to their new owners, Grupo VAMS, and by the following March they were legally constituted as Grupo Financiero Bancomer.
What today is Banco Bilbao Vizcaya Argentaria (BBVA), a Spanish institution that arrived in Mexico in 1991 with a stake in Banco Mercantil Probursa, acquired Commercial Bank of Mexico on June 7, 1991, the first bank to be sold in the re-privatization.
Trade-Probursa entering with a share of 1%, increased its share to 20% in 1993. Years later in 1996 Trade-Probursa acquired 70% of and bought East Bank and Banca Cremi, and in 1999 the Bank Promex Jalisco.