Bancomer – Goodbye to Bancomer, a brand of almost 90 years

Bancomer – THE LARGEST BANK IN THE COUNTRY WILL BE JUST BBVA.

Today it is the largest bank in Mexico and the one that contributes the most to the BBVA Financial Group, it represents more than 40% of its total income.

The history of the Bancomer brand, which in the coming months will disappear to remain only as BBVA (same as its Spanish parent company), dates back to 1932 when a group of no more than 30 people founded the so-called Banco de Comercio SA

Since then, the identity of Bancomer has remained in the lives of Mexicans, with chapters mostly successful – although others more soulless – to such an extent that today BBVA Bancomer is the largest bank of those operating in Mexico, with almost 20 million customers and a profit in 2018 of more than 52,000 million pesos.

Among the most important chapters that have marked the history of Bancomer include: its creation in 1932; nationalization in 1982 and subsequent reprivatization in 1991; the capitalization by the Spanish Bank Bilbao Vizcaya Argentaria (BBVA) in 2000 and the merger with Bancomer; the acquisition in that same year of Banca Promex; and in 2002 when Grupo Financiero BBVA became the majority shareholder of Grupo Financiero BBVA Bancomer. In 2004, the Spanish made almost all of the shares of the Mexican subsidiary.

Today BBVA Bancomer is the main market of the BBVA and represents over 40% of its total revenue, which in 2018 amounted to 5.324 million euros.

This Wednesday the Spanish group announced that it will unify its brand throughout the world, so in Mexico, in the following months, the Bancomer identity will be dispensed with; the same as in Argentina of the French brand; that Compass in the United States; and from Continental in Peru. Garanti, the group’s Turkish franchise, will change its brand to Garanti BBVA. The group will also have a new logo according to the new times.

“The brand new identity can be a manifestation of BBVA’s worth, notably we’re one workforce’, that highlights that the significance of folks employed in the category, in addition to their devotion to the job that’s BBVA,”” mentioned that the association.

He explained that with this a progressive deployment of his new identity will be carried out, which will include changes in his corporate buildings, the office network and the rest of corporate materials.

According to the institution, the change also highlights BBVA’s objective of offering a unique value proposition and a homogenous user experience, typical of a digital company.

“The group seeks to make its products and services global, as a result of a single development process, which allows a global collaboration, prioritization of resources, better ‘time to market’ and adaptations in each market,” he said.

Carlos Torres Vila, president of BBVA internationally, claimed within this respect in a universe at which digitalization and globality already are a real possibility, customer-experience has become easily the main element for its accomplishment of almost any organization.

“BBVA has initiated its devotion to digitalization also to search for services that help clients get the most effective decisions within their own lives and within their own businesses.

Meanwhile, the Onur Genç, ” the CEO of both BBVA, remembered which BBVA can be just a worldwide team, found in over 30 nations.

“We’ve merged our identity and upgraded using the emblem to convey our newest facts, more and more digital and global. This new identity will strengthen BBVA’s commitment to its nearly 75 million customers to offer them the best global solutions while maintaining our local service attitude. And that is exactly our purpose: to take the opportunity of this new era available to everyone, ”he said.

For his part, Eduardo Osuna, vice president, and general manager of the still BBVA Bancomer stressed that the group is characterized by its constant modernization and capacity for change, always putting the customer at the center of all its decisions.

“Unifying the brand allows us to strengthen BBVA’s presence in all geographies, but at the same time it is a constant commitment to Mexico in the construction of a solid financial system that is committed to technological innovation in favor of its customers,” said the Mexican.

Banamex, another that changed the image

In 2016, Banamex, another of the large banks operating in Mexico, also changed its image and name. Since then it stopped being only Banamex, to become Citibanamex, in reference to its parent company, the American Citigroup.

“Why integrate it? Because it is an additional demonstration of Citi’s commitment to Mexico. Now we are not two institutions, it is one that is committed to delivering the best of Mexico and the best in the world, ”said Ernesto Torres, director of Citibanamex at the time.

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