González and Meade yesterday in Mexico City. González and Meade yesterday in Mexico City.

BBVA announces $1.5bn investment

Spanish banking group, owner of Bancomer, is bullish about Mexico's future

The owner of Mexico’s largest bank will invest US $1.5 billion over the next five years on software and intelligence to improve efficiency and bring it closer to customers.

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The executive chairman of Spanish financial group BBVA announced the investment in BBVA Bancomer yesterday, and confirmed at the same time the company’s confidence in Mexico.

”We are long-term investors and I hope we get more opportunities to continue to invest,” said Francisco González during a visit to Mexico City.

“I have always believed in this country, we have had good moments, not so good ones too, but Mexico is here, always solid. We have an enormous confidence in Mexico, in BBVA Bancomer, in our team and the Mexican business community.”

The BBVA chief also expressed interest in purchasing another bank but was doubtful the financial services regulator would approve such a move.

González recognized that Mexico has challenges as a result of political change in the United States, but observed that Mexico is strong enough to withstand it.

“It is one of the most attractive countries in the world for investments, with a young population. And Mexico is a vibrant country with great strengths. Its 120 million people are very young and fully motivated to do great things. Mexico is stronger than most people think, thanks to its population, its close relationship with the U.S., the dynamics of its industries and its business community.”

González sees improvement ahead in Mexico-U.S. relations because the two economies are so closely intertwined. “In two to three years this country will be much better than it is today.”

He made the remarks following a meeting with Finance Secretary José Antonio Meade, who described Bancomer as Mexico’s most important bank.

Mexico News Daily

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  • Carl Crabkiller

    Yes – they need to “improve efficiency” – I have been a Bancomer client for about 10 years. Last month I went to a branch office to change my address, it took 3 hours and I had to sign 22 documents.

    • Funny. I too once changed my address at Bancomer. Was very efficient and quick.

  • miabeach

    Spain has a long painful history of investing in Latin America. Maybe someday they will learn.

  • K. Chris C.

    “The owner of Mexico’s largest bank will invest US $1.5 billion over the next five years on software and intelligence to improve efficiency and bring it closer to customers.”

    Will spend US 1.5 billion increasing their ability to create additional debt slaves to their stolen loot.

    An American citizen, not US subject.

  • I have accounts at Bancomer and HSBC. I previously had accounts at Banamex and Santander. Bancomer wins hands-down. Highly recommended.

  • MortimerSnerd

    …they quit accepting Canadian bank cards at the ATM in Mexico…with such negative marketing practices, we sure don’t want them acquiring any more Mexican banks… trouble enough already.

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