Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has won the battle for Mexico's number two financial group, Grupo Financiero Bancomer (GFB), with an increased offer of $2.5bn.

The GFB board's acceptance of the BBVA bid late yesterday (Monday), will lead to the creation of Grupo Financiero BBVA-Bancomer. It will be Mexico's market leader with $40bn in assets.