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Illustration: Sarah Grillo/Axios

Spanish banking giant BBVA has decided to exit the U.S. market. It remains the owner of BBVA Bancomer, the largest bank in Mexico.

Why it matters: In the 2000s, BBVA went on something of a spending spree in Texas and other border states, buying up a series of banks culminating in the $9.6 billion acquisition of Compass Bancshares in 2007.

  • It was the high point of North American globalization, and it was reasonable to envisage the continent's economies converging, much like Europe's, especially near the border.
  • BBVA is no longer as optimistic, has now agreed to sell all of its U.S. holdings to PNC for $11.6 billion.

Among the casualties of BBVA's strategic retreat from the U.S.: Tuyyo, an innovative mobile app that allowed Mexicans in the U.S. to send money back to their families for free.

  • The funds could be withdrawn any time at any Bancomer ATM, just with a code — no ATM card needed.
  • Tuyyo was quietly shuttered last year.

The bottom line: The net flow of migrants from Mexico to the U.S. — part of the reason for BBVA to expand from Mexico to Texas — turned negative about 15 years ago, and has remained that way ever since.

  • Strong supply chains still bind the two countries. But if you want to find a part of the world where regional integration is getting visibly stronger, then you would not look first to North America or Europe. Asia and Africa are much better bets on that front.

Go deeper

5 mins ago - Technology

Microsoft looks to leapfrog Big Tech competitors with major acquisitions

Data: CB Insights; Chart: Andrew Witherspoon/Axios

Microsoft is trying to leapfrog competitors like Google and Amazon as they face record antitrust scrutiny.

The big picture: The deals Microsoft has been eyeing are larger than its usual targets and bigger than those of its competitors.

Updated 15 mins ago - Economy & Business

Scoop: DraftKings readies major media push

Illustration: Sarah Grillo/Axios

DraftKings has hired Brian Angiolet, former senior vice president and chief business officer officer at Verizon, as the company’s first-ever chief media officer.

Details: Angiolet will lead a team responsible for evaluating potential media acquisitions and content efforts, sources tell Axios. The team will help vet future deals and content partnerships that the company will use to help drive customer referrals to its sportsbook.

Fallout over Daunte Wright shooting continues

A second night of protests over the police shooting of Daunte Wright unfolded in Brooklyn Center Tuesday, as a large crowd defied a curfew and pleas from city leaders to go home.

Driving the news: “We are going to get to the bottom of this. We are going to make sure that there’s justice, that this officer is held accountable," Brooklyn Center Mayor Mike Elliott told demonstrators in an effort to calm tensions after dark.