Afore BBVA Bancomer was a pension fund management company dedicated exclusively to administering the individual accounts of each member. It was a market leader in Mexico with about 5 million customers and MXN 279 billion (US$21.5 billion) in assets under management as of November 2012. Afore Bancomer was also a market leader in private pensions in Latin America, with more than 12 million customers and more than 40 billion euros of managed assets. In the Mexican market, the company has been a pioneering institution and a key partner in the transformation and consolidation of the National Pension System. It was present in all the pillars of the system of pension savings through compulsory private pension plans, voluntary individual savings plans and collective savings plans, both public and private. Afore Bancomer managed five pension funds: Siefore Básica 1 (Bancomer Protege), Siefore Básica 2 (Bancomer Real), Siefore Básica 3 (Bancomer Progresa), Siefore Básica 4 (Bancomer Adelante) and Siefore Básica 5 (Bancomer Emprende). It also had a team specializing in service and assistance for customers, and its range of services was one of the most complete in the system. Afore Bancomer’s shareholders were Bancomer 75.0%, BBVA 17.5% and Provida 7.5%.
In November 2012, Grupo Financiero Banorte (GFNorte) reached an agreement with Banco Bilbao Vizcaya Argentaria and BBVA Bancomer to acquire Afore Bancomer through Afore XXI Banorte, a subsidiary of Banco Mercantil del Norte. The purchase was completed in January 2013.
Address:
Montes Urales 424
Col. Lomas de Chapultepec
México, D.F., CP: 11000
Phone: 52-55-56241166
Website: www.bancomer.com