Mexico's BBVA Bancomer To Increase Home Lending By 20% In 2011
January 14 2011 - 4:07PM
Dow Jones News
Mexico's largest bank, BBVA Bancomer, said Friday it plans to
make mortgage and housing construction loans for 51.3 billion pesos
($4.25 billion) this year, up 20% from 2010 as the economy
continues its recovery.
The local unit of Spain's Banco Bilbao Vizcaya Argentaria (BBVA)
said in a press release that the increase involves making 28% more
mortgage loans, and financing the construction of 23% more homes
than in 2010.
BBVA Bancomer said it expects the most growth this year to be at
the middle-income and residential housing level, with 15% growth
after more than two years of contraction, while the home financing
market overall is expected to grow between 2% and 6%.
The bank said it will continue financing all levels of housing,
starting from MXN180,000, and will also pursue its cross-border
mortgage programs for Mexicans living abroad, and for U.S.,
Canadian and European citizens wanting to buy homes in Mexico.
BBVA Bancomer is the leading mortgage lender among Mexican
banks. Its home financing portfolio includes 400,000 mortgages for
a total of MXN156 billion, and 2,000 bridge loans supporting the
construction of 140,000 homes.
-By Anthony Harrup, Dow Jones Newswires; (5255) 5980-5176;
anthony.harrup@dowjones.com
BBVA Bilbao Vizcaya Arge... (NYSE:BBVA)
Historical Stock Chart
From May 2024 to Jun 2024
BBVA Bilbao Vizcaya Arge... (NYSE:BBVA)
Historical Stock Chart
From Jun 2023 to Jun 2024