Essay on Bbva Compass Was Formed From The Parent Company

792 Words Mar 23rd, 2016 4 Pages
BBVA Compass was formed from the parent company BBVA Spain, which was the second largest bank in Spain in 2010 with more than $755 billion in assets and operations in more than 30 countries. BBVA entered the market in 2004 and through a series of acquisitions such as Compass Bank in 2007 and the FDIC -- assisted acquisition of Guaranty Bank in 2009 operated under the name BBVA Compass. In a short span of time, BBVA Compass was able to establish itself as the 15th largest commercial U.S bank with more than 700 branches and $49 million in deposits across the Sunbelt region.
As a commercial bank, BBVA Compass offers its customers three primary lines of business units; retail banking, corporate and commercial banking and wealth management. The company positions themselves as both small and large in order to gain all of the advantages. They are small enough to offer customized solutions, as well as large enough to offer breakthrough innovations. Their target customers are identified as “Strivers”, aged 25 to 54 years old, earning average annual household income of more than $75,000. These customers are both aggressive and anxious when it comes to their money and want their personal needs to be satisfied.
Frank Sottosanti, chief marketing officer of BBVA Compass, is looking to review his company’s current performance and allocate next year’s marketing budget across various offline and online channels to ensure that their marketing dollars are being used effectively. He is…

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