MEXICO CITY, Feb 03, 2004 (Notimex/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Manuel Medina Mora, president of the Mexican Bankers Association (ABM), said that the Mexican financial system was being sold, but becoming globalized, regarding the comments made in the wake of the offer by Banco Bilbao Vizcaya Argentaria (BBVA) to acquire the remaining 40.6% of BBVA Bancomer for US$4.1 billion.
After announcing the National Convention of Taxpayers, Medina Mora said the sale or absorption of formerly Mexican banks by foreign institutions gives the financial system a view that the capital in the sector is becoming globalized. He said this was a good sign that shareholders around the world saw Mexico as an option to invest, after sales of stock in the banks Bital and Bancomer to HSBC and BBVA, respectively. "That confirms that we have a vigorous financial sector," said the ABM leader.
Medina Mora said that despite the lack of structural reforms in the country, Mexico looks good in the international context because it has managed public finances and macroeconomic variable responsibly.
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