Mexico Spain bank merger

Mexico's second-biggest bank, Bancomer, is set to merge with a Spanish banking giant, Banco Bilbao Vizcaya Argentaria, to create one of Latin America's largest financial institutions.

A spokesman for BBVA said the merger forms part of their expansion plans and would also enable them to penetrate the Hispanic market in the United States.

Bancomer's shareholders are due to meet at the end of the month to vote on the move.

If approved, the merger is expected to take place on July the first -- the eve of the Mexican presidential election.

From the newsroom of the BBC World Service