BBVA - Press Room

• The President of Mexico urged the banking system to take a key role in promoting growth in the country by extending credit to the production sector
• Francisco González, Chairman and CEO of BBVA, emphasized that the reforms approved in recent years have enabled Mexico to stabilize its economy even further
• The Chairman and General Manager of BBVA Bancomer, Ignacio Deschamps, reiterated the bank’s commitment to backing economic growth in the country and building up the production sector, by extending loans and providing the most advanced banking services
• The financial institution renewed its commitment with Mexico, evidenced by the US 0 million investment made to build the new BBVA Bancomer headquarters, which will create 14,000 new direct and indirect jobs

In the midst of the global economic crisis, Mexican President Felipe Calderón praised BBVA for being one of the few financial groups that did not require governmental funds or recapitalization in order to redress its balance sheet.

“This points to the strength and solid nature of BBVA worldwide, which not only clearly benefits the global economy, but Mexico as well,” stressed President Calderón.

Mr. Calderón also stated that BBVA Bancomer, BBVA’s Mexican subsidiary, has done a great deal to boost the Mexican economy and financial system. This has made it the largest institution in terms of assets, loan portfolio, and deposits. He also cited the US 0 million investment BBVA Bancomer will make for the construction of its new headquarters in Mexico City.

Within the framework of the National BBVA Bancomer Directors’ Meeting, headed by Francisco González, Chairman and CEO of BBVA and Ignacio Deschamps, Chairman and General Manager of BBVA Bancomer, and with the participation of the COO of BBVA, José Ignacio Goirigolzarri and the Vice-Chairman of the BBVA Bancomer Board of Directors, Luis Robles, 500 Bancomer directors, executives from all areas of the financial group and a number of financial sector authorities, President Calderón urged the banking sector to foster growth in Mexico.

“In the previous crisis in 1994-1995, the banking system was part of the problem. Today it is a major part of the solution, as it should be. We have a solid system with capitalization of over 15% compared to assets at risk”, stated Mr. Calderón.

The President also pointed out that Mexico is better positioned than ever before to resume growth, and that consequently, now more than ever, its production sector must be supported in order to generate greater economic growth and more and better jobs.

The BBVA financial group and its Mexican subsidiary, BBVA Bancomer, trust that the Mexican economy will be among the first to recover, thanks to the measures put in place by Mr. Calderón’s government and to its proximity to the world’s largest market.

Heading the National BBVA Bancomer Directors’ Meeting, BBVA Chairman and CEO Francisco González stressed that Mexico’s proximity to the United States and the measures implemented by the Mexican government to mitigate the global crisis will enable the country’s key indicators to recover swiftly, setting the stage for a favorable future outlook.

“Mexico has made ongoing efforts to ensure the stability of its economy. It has implemented structural reforms in recent years and strengthened the rule of law, allowing for a more solid constitutional political framework,” stated Francisco González, acknowledging the struggle President Calderón has led against drug trafficking.

The Chairman and CEO of BBVA stressed that the bank supports all actions aimed at development and growth of countries and individuals and cited BBVA’s commitment in Mexico as an example of the role the bank plays in this objective. “Mexico faces the major challenge of becoming a leading economy in the 21st Century. BBVA Bancomer is proud to support its development”.

In this regard, Mr. González trusts that the necessary political agreements will be reached to approve the changes the country needs in order to become one of the world’s leading economies.

Ignacio Deschamps, Chairman and General Manager of BBVA Bancomer, reiterated the entity’s commitment to the community and the country, citing the US 0 million investment made to construct the BBVA group’s new headquarters in Mexico City.

“When Mexico most needed it, BBVA Bancomer announced the investment of US 0 million for the construction of its new headquarters, generating 14,000 direct and indirect jobs,” said Ignacio Deschamps.

Mr. Deschamps pointed out the role played by BBVA Bancomer in driving growth in Mexico and added that the bank has kept its credit flow open, as evidenced by the following:

• It has extended 59% of new credit granted to the production sector from October 2008 to date.
• The bank has financed one of every three homes purchased in the mortgage market
• It has extended new loans supporting over 4,700 SMEs. 

 “BBVA Bancomer has remained solid and efficient, and today is one of the banks with the best indicators in the Mexican market,” said Mr. Deschamps.

Agustín Carstens, Secretary of Finance, also attended the meeting. Mr. Carstens joined the President of Mexico in urging the financial system to contribute to economic growth in the country, stating that these institutions are well capitalized and referring to the loans BBVA Bancomer has extended to the production sector. He added that Mexico needs more banks like BBVA Bancomer to truly stimulate growth.

The Secretary of Finance pointed out that the global economic crisis has already hit rock bottom and that the Mexican economy could grow 3% in the coming year. He stated that the country’s economy is structurally healthy and that from a macroeconomic perspective there are no problems that would preclude a vigorous recovery.