BBVA Bancomer News
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Mexico’s economy grew less than analysts expected in the first quarter, fueling bets policy makers will cut interest rates again this year.
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Gonzalo Garcia, 45, thought 10 years as a branch manager for Citigroup Inc.’s Banamex unit in Mexico would help qualify him for a loan to start up an herbal medicine business. He was wrong. Banamex, along with two other leading lenders, turned him down.
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Concern that Grupo Financiero BBVA Bancomer SA may turn over cash to its Spanish parent has sparked a sell-off in the lender’s bonds that’s making them attractive to ING Groep NV and Aberdeen Asset Management Plc.
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The search for the cause of a blast that destroyed three floors of a building at Petroleos Mexicanos’s headquarters and killed at least 34 people entered a fourth day, as investigators toiled ahead of a self-imposed deadline for finding an answer.
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BBVA Bancomer expects Mexico’s central bank to start cutting rates by 25 basis points in December, depending on the exchange rate’s performance, said economist Julian Cubero.
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Mexico is having the slowest year for domestic corporate bond sales since 2004, spurring underwriters including Citigroup Inc. , Banco Santander SA and BBVA Bancomer SA to slash fees in a “war” for fewer deals.
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Banks in Mexico are increasing peso bond sales at the fastest pace in nine years to finance loans as the U.S. recovery bolsters growth in Latin America’s second- largest economy.
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The International Monetary Fund said it supports measures that would ease the impact of capital flows into Latin America that have caused some of the region’s currencies to climb at the fastest pace in the world.
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BBVA Bancomer, the largest holder of Mexican government peso bonds, plans to buy inflation-linked debt as a bet consumer price increases will quicken beyond forecasts after slowing to a five-year low.
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Mexican banks flush with cash are targeting wealthier clients and women as a way to cash in on the country’s surging mortgage market.
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