LatinFinance - September/October 2013 - 48

BBVA: Our leadership
is not a matter of luck
Álvaro Vaqueiro, Head of Global Markets in
BBVA Bancomer’s Corporate & Investment
Banking division, analyzes the Mexican
market and shares some insight into
BBVA’s Global Markets business in Mexico.
Álvaro Vaqueiro joined BBVA in 2005
where he oversees a team dedicated to
structuring, trading and selling local
products focused on client business.
Alvaro is currently a member of the
Financial Markets Commission at the ABM
(Mexico’s Bankers Association).

How would you define the current macroeconomic
environment and its effect on the financial sector in
Mexico?
Mexico has become an engine of growth within the Latin
American market thanks to an effective and sound
macroeconomic policy. The former is based on low levels of
public debt and a monetary policy aimed at keeping inflation in
control, underpinned by the capitalization of the local financial
system. A key factor in going forward will be the impact of
reforms - in particular mid-term energy reforms - and we expect
Mexico to achieve significant growth over the coming years.
In this context, it is only logical that global financial groups like
BBVA are committed to putting their efforts and resources into
the country.

BBVA Bancomer has an absolute leadership in the
Mexican market – not only in the retail market but also in
Corporate & Investment Banking. What is your secret?
BBVA Bancomer, with its USD 100 billion assets, is a leading
banking franchise in the domestic market with solid financials
and recurrent income, high profitability and comfortable levels
of solvency and liquidity, maintaining a conservative approach
to risk. Clients perceive BBVA Bancomer as an important advisor,
able to offer solutions in a creative way.
In 2012, BBVA Bancomer was one of the leading players in
wholesale banking. We lead the rankings in products as diverse
as bonds, syndicated loans, project finance, structured notes,
interest rates, and currencies. Furthermore, in 2012 BBVA
Bancomer opened its M&A franchise in Mexico. Even in a market
as competitive as Mexico, we are growing and strengthening our
operating platforms to provide the best possible service to our
customers. In the remainder of the 2013 we expect to take
further advantage of the opportunity to deepen our
involvement in the capital markets based on an integrated
customer relationship.

Sponsored Statement

How about the division you lead, Global Markets, how do
you plan to maintain your leadership position?
At BBVA Bancomer Global Markets, we defined a sound growth
strategy for 2013 in our products and client segments. On the
client side, we have been working hard, not only on deepening
and strengthening the relationship with our existing clients, but
also on expanding our client base in new segments. In the latter,
the focus has been primary on developing relationships with
international investors, niche segments, retail, and frequent
issuers in capital markets. On the product side, we have
improved our product offering to better serve the needs of our
customers. We have been focusing on increasing the trading and
distribution of each of our products in the global markets, taking
advantage of the growth of the primary market. We are also
focused on developing structured products and solutions,
positioning ourselves in non-standard products and enhancing
our FX platforms to reach a wider set of clients. Particularly, we
have established focused strategies for our core products: Rates,
Equity, Credit and FX.

If we dive deeper into your product offering in Mexico,
what is happening in the equity business?
BBVA Bancomer, as leading issuer in Mexico, is involved in all
major deals. Dealogic ranks Casa de Bolsa BBVA Bancomer, a
leader in equity capital market deals in Mexico. Furthermore,
BBVA Bancomer has the capacity to provide attractive
investment opportunities and excellent execution to
institutional and retail clients.
In this respect, BBVA Bancomer has arranged more Fibras
-Fideicomiso de Infraestructura y Bienes Raíces (real estate
investment trusts) issuances than anyone else in Mexico, for
instance: Fibra Uno, Fibra Macquarie and Fibra Hotel. This
product offers our clients a secure way to access new



LatinFinance - September/October 2013

Table of Contents for the Digital Edition of LatinFinance - September/October 2013

Latin Finance - September/October 2013
Contents
Front notes
People news
Debt news
Equity news
M&A news
After the storm
Advantage Mexico
Treading water
New structures
Mexico
Regaining the Initiative
Deficit Ahead
Building up
Switching Course
Brazil
Work in progress
Extreme makeover
Mind the gap
Brazilian life insurance
Andean
Breaking the fall
Reaching out
Market movers
Paraguay
Smoothing the cycles
Thinking big
Parting Shot
LatinFinance - September/October 2013 - Latin Finance - September/October 2013
LatinFinance - September/October 2013 - Cover2
LatinFinance - September/October 2013 - Contents
LatinFinance - September/October 2013 - 2
LatinFinance - September/October 2013 - 3
LatinFinance - September/October 2013 - Front notes
LatinFinance - September/October 2013 - 5
LatinFinance - September/October 2013 - People news
LatinFinance - September/October 2013 - 7
LatinFinance - September/October 2013 - Debt news
LatinFinance - September/October 2013 - 9
LatinFinance - September/October 2013 - Equity news
LatinFinance - September/October 2013 - 11
LatinFinance - September/October 2013 - M&A news
LatinFinance - September/October 2013 - 13
LatinFinance - September/October 2013 - 14
LatinFinance - September/October 2013 - 15
LatinFinance - September/October 2013 - 16
LatinFinance - September/October 2013 - 17
LatinFinance - September/October 2013 - 18
LatinFinance - September/October 2013 - 19
LatinFinance - September/October 2013 - 20
LatinFinance - September/October 2013 - 21
LatinFinance - September/October 2013 - 22
LatinFinance - September/October 2013 - 23
LatinFinance - September/October 2013 - After the storm
LatinFinance - September/October 2013 - 25
LatinFinance - September/October 2013 - Advantage Mexico
LatinFinance - September/October 2013 - 27
LatinFinance - September/October 2013 - Treading water
LatinFinance - September/October 2013 - 29
LatinFinance - September/October 2013 - 30
LatinFinance - September/October 2013 - New structures
LatinFinance - September/October 2013 - 32
LatinFinance - September/October 2013 - 33
LatinFinance - September/October 2013 - 34
LatinFinance - September/October 2013 - 35
LatinFinance - September/October 2013 - 36
LatinFinance - September/October 2013 - 37
LatinFinance - September/October 2013 - 38
LatinFinance - September/October 2013 - 39
LatinFinance - September/October 2013 - 40
LatinFinance - September/October 2013 - Mexico
LatinFinance - September/October 2013 - Regaining the Initiative
LatinFinance - September/October 2013 - 43
LatinFinance - September/October 2013 - Deficit Ahead
LatinFinance - September/October 2013 - 45
LatinFinance - September/October 2013 - Building up
LatinFinance - September/October 2013 - 47
LatinFinance - September/October 2013 - 48
LatinFinance - September/October 2013 - 49
LatinFinance - September/October 2013 - 50
LatinFinance - September/October 2013 - 51
LatinFinance - September/October 2013 - Switching Course
LatinFinance - September/October 2013 - 53
LatinFinance - September/October 2013 - 54
LatinFinance - September/October 2013 - 55
LatinFinance - September/October 2013 - 56
LatinFinance - September/October 2013 - Brazil
LatinFinance - September/October 2013 - Work in progress
LatinFinance - September/October 2013 - 59
LatinFinance - September/October 2013 - 60
LatinFinance - September/October 2013 - 61
LatinFinance - September/October 2013 - Extreme makeover
LatinFinance - September/October 2013 - 63
LatinFinance - September/October 2013 - 64
LatinFinance - September/October 2013 - 65
LatinFinance - September/October 2013 - 66
LatinFinance - September/October 2013 - Mind the gap
LatinFinance - September/October 2013 - 68
LatinFinance - September/October 2013 - 69
LatinFinance - September/October 2013 - Brazilian life insurance
LatinFinance - September/October 2013 - 71
LatinFinance - September/October 2013 - 72
LatinFinance - September/October 2013 - Andean
LatinFinance - September/October 2013 - Breaking the fall
LatinFinance - September/October 2013 - 75
LatinFinance - September/October 2013 - 76
LatinFinance - September/October 2013 - Reaching out
LatinFinance - September/October 2013 - 78
LatinFinance - September/October 2013 - 79
LatinFinance - September/October 2013 - 80
LatinFinance - September/October 2013 - 81
LatinFinance - September/October 2013 - Market movers
LatinFinance - September/October 2013 - Paraguay
LatinFinance - September/October 2013 - Smoothing the cycles
LatinFinance - September/October 2013 - 85
LatinFinance - September/October 2013 - Thinking big
LatinFinance - September/October 2013 - 87
LatinFinance - September/October 2013 - Parting Shot
LatinFinance - September/October 2013 - Cover3
LatinFinance - September/October 2013 - Cover4
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