BBVA targets 40% growth in Mexican wealth assets by 2029

BBVA announced that its wealth and private banking business in Mexico is evolving into a segment called Global Wealth. The unit currently manages 1.3 trillion Mexican pesos in assets under management and aims to attract an additional 130,000 million Mexican pesos by the end of 2026. By 2029, the bank expects this business to expand by around 40%.

Over the same period, BBVA plans to grow its client base in Mexico from 180,000 to 240,000 in the wealth segment. The group is reorganizing its divisions: wealth banking becomes Premium Banking, private banking turns into Private Banking, and the Ultra High Net Worth division maintains dedicated service for higher-complexity clients.

Mexico represents the second-largest market for BBVA's Global Wealth business after Spain, with operations also present in Turkey, Switzerland, Peru, and Colombia. Globally, the Global Wealth unit manages 6 trillion Mexican pesos across more than 2.4 million clients.

Romualdo Mata, director of ultra high wealth and private banking at BBVA México, stated that the wealth segment represents roughly 30% of total bank assets and 3% of promissory notes on the balance sheet. Salvador Sandoval, director of Global Wealth at BBVA México, noted that assets under management in Mexico have grown at an annual rate between 14% and 15% in recent years.