Loans extended last year to the private sector rose by 30%, driven mainly by loans to individuals, who now account for more than 60% of the total loan book, a testimony to Bancomer’s focus on enhancing its retail business in an increasingly prosperous market. The bank closed 2006 with more than 14 million customers, two million more than the previous year.
During the year, 36 new branch offices were opened and 44 ATMs were installed. There was special emphasis on the expanding home loan market, with total mortgage lending up by 42%. The 40bn peso increase in deposits was driven by stronger activity in mutual funds. Successful mutual fund management was reflected in a 32% year-on-year increase in net assets, which in turn attracted new customers to the bank.
Bancomer has established itself as the market leader in non-banking businesses, such as bancassurance and pension funds. These efforts have positioned it as Mexico’s largest financial institution in terms of assets, credit, distribution network, deposits and mortgage loans.
“In 2007, BBVA Bancomer celebrates its 75th anniversary; and it has been a very relevant year to us,” says chief executive Ignacio Deschamps. “We started the year with a new management team with big aspirations and a goal to make 2007 the best year for every business unit. I am very happy, proud and greatly committed to leading this great team. The Banker’s award for Bank of the Year 2007 is the result of a huge effort, clear strategic business focus and passionate employees of an institution that also seeks to become one of the best places to work in Mexico.“
