Bancomer is the largest bank in Mexico in terms of assets and its significant merger process is behind it: Bancomer, Probursa, BBVA Mexico and Promex are now all operating seamlessly under the Bancomer brand name, three months ahead of schedule.
Says head of investor relations David Sánchez-Tembleque, "We are one step ahead. We have changed the image of all of our branches, we have closed redundant branches, we are operating under one systems platform across all of our businesses. And we have gone through this process without any loss of market share."
For Bancomer's banking business, that market share is 30%, compared to a combined level of 26% for Citigroup and Banacci, and 14% for Santander and Serfín.
Bancomer, owned since early last year by Spain's Banco Bilbao Vizcaya Argentaria (BBVA), has seen an enormous improvement in profitability over the past...
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