Grupo Financiero BBVA Bancomer, the Mexican subsidiary of Madrid-based Banco Bilbao Vizcaya Argentaria, has bought Hipotecaria Nacional, Mexico's largest private mortgage lender, for $375m (€307m). It has a portfolio of $2.16bn.

The deal makes BBVA  Bancomer, the leading private lender. At present, three-quarters of mortgage lending is controlled by two public corporations.

Ben Sills in Madrid

BBVA

Morgan Stanley

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BBVA expands in Mexico

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