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CEO: BBVA Bancomer ready for acquisitions in Mexico's crowded banking sector

Eduardo Osuna, CEO of Grupo Financiero BBVA Bancomer SA de CV, said Mexico's financial sector needs to consolidate further and that his company is looking to take the next opportunity that arises for a bank acquisition, according to a report by El Economista.

The executive reportedly said Mexico has "too many" small and medium-sized banks in a system that allows for certain niche companies but is ultimately unpractical for players with smaller volumes of portfolios and deposits due to regulatory costs, leading inevitably to consolidation.

"That does not mean that there will be less competition, on the contrary. I would strengthen the banks, generate more competition and above all, more services for the entire population," Osuna told El Economista.

And BBVA Bancomer, Mexico's biggest bank, will also look to be a part of the change and grow inorganically, the CEO said, if a solid opportunity arises that would pass regulatory approval.

"There is room to be part of this consolidation and if we see something that makes sense, we do not necessarily have to think about a national bank, but a bank that has a regional presence and that Bancomer could become more attractive for those regions," Osuna reportedly said.

The CEO also emphasized that BBVA Bancomer is on the forefront of the coming digital transformation of the Mexican banking system, which he identified as the only way for the bank to "maintain leadership."