BBVA Bancomer, Mexico’s largest bank by assets, is opening two new offices for UHNWIs in Monterrey and Guadalajara by the summer of 2015 as it continues to target the wealthiest Mexican families.
Only six months ago, Bancomer private banking launched its UHNW segment and since then it has grown exponentially to reach $2bn in assets under management (AuM), Javier Diez, director of BBA Bancomer private bank told PBI.
According to Diez, the office in Monterrey will be opening in July 2015, while the operations in Guadalajara will start in September next year.
Diez said: "Mexico is the second-largest holder of UHNWIs after Brazil with 20% of Latin America’s total UHNWIs."
Diez said the bank is working to have a multi-family office for the UHNW network as in Mexico "it is not a very common model".
"We are helping families to plan and transfer their wealth to the next generation, as well as many other services, from philanthropy to art collecting," he added.
The UHNW segment of BBVA Bancomer serves 500 families with more than $10m in investable assets.
With 70 branches across the country, BBVA Bancomer private banking has doubled its AuM in the last three years and it is currently managing $50bn in AuM in the three client segments – affluent, private banking and UHNWIs.