Investor To The Rescue

Spanish banker Miguel Navas knew when he came to Mexico City in October, 1994, that he had a tough task ahead. His bank, Banco Bilbao Vizcaya (BBV), had paid $136 million for a 20% stake in Mercantl Probursa, one of 18 Mexican banks privatized in 1991 and 1992 after a decade of government control. Although the banks had sold for premium prices, BBV wanted a foothold in Mexico, whose economy seemed to have endless promise. Now the bank was in trouble, and he was assigned to help.

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