BBVA Bancomer To Raise $2 Billion Dollar-Denominated Debt In 2012 -Chair

BBVA Bancomer expects to raise another $2 billion in dollar-denominated debt next year as it invests in meeting the needs of its growing customer base.

"Our bonds are appreciated in global markets, and it is a good option for us to complement our financing," BBVA Bancomer Chairman Ignacio Deschamps Gonzalez said in an interview in New York.

The bank, a regular issuer, plans to use the money to partly fund its investments in new technologies to serve customers through mobile phones and ATMs. It also has seen steady double-digit growth in deposits.

Deschamps says he's bullish on Mexico's growth prospects as the nation continues to keep inflation under control and as consumer spending continues to rise, despite the slowdown in the U.S. economy. Mexico has a huge influx of remittances from its citizens in the U.S. and also has a strong trade relationship with its neighbor.

However, global economic weakness has slowed down the growth of Mexico's corporate sector, with many companies opting not to take out large loans as they have scaled back their investments.

"While internal demand has been quite good, we need global economies to grow," he said.

The bank's consumer lending business has grown 15% over the past year, he added. Delinquency rates on the bank's credit card portfolio is at 5%, while the delinquency rate across all its lending is 3.5%. "We need to extend credit in the fastest way we can, but in a safe way," Deschamps said. "I don't see any reason to stop lending in Mexico."

BBVA Bancomer is a unit of Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA).

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