Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 114

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 114
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 (AML/CFT).
For additional information, see “―Business Overview―Supervision and Regulation”.
Mexico
As of November 31, 2024, the Mexican banking sector comprised 51 institutions, two more than the 49 banks that operated at the end of 2023, due to the entry into operation of Banco Bineo (part of Grupo Financiero Banorte) in January 2024, and OpenBank (part of Grupo Financiero Santander) in November 2024. Hey Banco, which has announced its separation from Grupo Financiero Banregio, obtained a banking license in July 2023, but has not yet started operations. In addition, other eight entities are either waiting for the approval of their license or ready to start operations within the banking sector: Revolut, Nu Bank, Klar, Masari Casa de Bolsa, Finsus, Konfío, and Plata Card.
On December 2, 2024, Citi announced the successful separation of its institutional banking business in Mexico from its consumer, small and medium-sized enterprises banking business. From December 1, 2024, Citibanamex is split in two separate financial groups: Grupo Financiero Citi Mexico and Grupo Financiero Banamex. Banamex’s sale is expected to take place during 2025.
The seven largest banks of the system (the “G7 group”, that comprises BBVA Mexico, Santander, Banorte, Banamex, HSBC, Scotiabank and Inbursa) held 75.0% of the total assets of banks in Mexico as of November 30, 2024, less than the 76.3% in December 2023. Santander, Banorte, Banamex and Scotiabank reduced their share in total assets between December 2023 and November 2024 by 0.6%, 0.2%, 0.6% and 0.4%, respectively, while BBVA Mexico, HSBC and Inbursa increased their market share in the same period by 0.1%, 0.2% and 0.2%, respectively.
Regarding credit balances, the G7 group market share decreased from 80.6% in December 2023 to 80.3% in November 2024. In particular, BBVA Mexico increased its participation in total credit balances from 24.7% to 25.5