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Spain's BBVA Faces Fight for U.S. Hispanic
Market
NEW YORK CITY July 8, 2004 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA, Spain's
No. 2 bank by assets, joined the struggle for U.S. Hispanic
consumers with its purchase of Valley Bank in southern California,
the Wall Street Journal said, citing interviews with bank officials.
BBVA's purchase last month of Valley Bank is the Bilbao,
Spain-based bank's first state license to offer credit cards,
mortgages and savings accounts in the U.S. It will use a unit of
Mexico's largest bank, Grupo Financiero BBVA-Bancomer, which it
controls, to build on Bancomer's business, which Mexicans in the
U.S. use to send money home to families, the paper said.
BBVA will face competition from Citigroup Inc., Bank of America
Corp., and Wells Fargo & Co.. which are also seeking customers among
the 50 million U.S. Latinos, the paper said.
Citigroup's Citibank bought Grupo Financiero Banamex-Accival SA,
Mexico's second-largest bank, and Bank of America acquired 25
percent of Grupo Financiero Santander Serfin, a unit of Spain's
Grupo Santander, the paper said.
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This is
www.Hispanic5.com,
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Initial
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April
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2003 to
February 2006.
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