19 September 2011
Yet another Spanish bank has planted its flag in South Florida.
BBVA Compass, the Birmingham, Ala.-based subsidiary of the $800 billion-aseet Banco Bilbao Vizcaya Argentaria S.A., signed a lease at 1450 Brickell Ave. and in 2012 will open an office focused on commercial and private banking catering to businesses and high-net worth individuals. The office is to be headed by South Florida Regional Executive Roberto R. Munoz, who was most recently executive vice president and chief lending officer for Coral Gables-based Professional Bank
Unlike other Spanish banks that entered the U.S. through Florida, BBVA in 2007 came in through the acquisition of Alabama’s ailing Compass Bank.
A year later Caja Madrid bought Miami-based City National Bank of Florida for $1.117 billion. Barcelona-based Banco Sabadell bought TransAtlantic Bank for $175 million in 2006 and Bank of New York Mellon spinoff Mellon United National Bank in 2010. Banco Popular Español bought Coral Gables-based TotalBank for $300 million in 2007.
Beyond Caja Madrid, Caixa de Aforros de Vigo, Caja de Ahorros de Galicia, Caja de Ahorros de Valencia and Caja de Ahorros del Mediterraneo all have Miami operations, according to the Federal Reserve Board.
BBVA Compass had $62.66 billion in assets and $45.61 billion in deposits as of June 30, according to the Federal Deposit Insurance Corp. Most of its 720 offices are in the South and Southwest, and include 93 in Alabama, 65 in California, 381 in Texas, 78 in Arizona, 36 in Colorado, 22 in New Mexico and 45 in Florida. The majority of its Florida branches are spread out across Jacksonville and Florida’s Gulf Coast.
Expect for the Miami office to not only compete for South Florida business, but also, according to a press release, a piece of the increasingly attractive Latin American market “especially given BBVA’s leading position in Mexico and its sizeable presence in Latin America.”