When Gonzalo Gortázar first met José Ignacio Goirigolzarri, the two of them could never have imagined that, many years later, they would lead a new Spanish national banking champion together. Back then, around the turn of the millennium, Gortázar was an M&A banker at Morgan Stanley and Goirigolzarri was his client, leading BBVA’s purchases of banks across Latin America – most notably Bancomer, now Mexico’s biggest bank.
This was a time when European banks enjoyed better valuations than their emerging market peers.
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