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Current news 19 Dec 2018

BBVA explores strategic options for Forum in Chile

BBVA is to initiate a strategic review of options for its automobile financing business in Chile, mainly carried out through Forum Servicios Financieros S.A (Forum). Some of the options being explored include a total or partial sale of Forum, which will not necessarily lead to a sale. BBVA will assess all possible options that contribute to create value for its shareholders.

The process is expected to extend for several quarters, according to information filed with Spanish regulator Comisión Nacional del Mercado de Valores de España (CNMV) and Chile’s regulator Comisión para el Mercado Financiero.

Forum, a unit wholly owned by BBVA, is a leader in car financing in Chile (with a market share of around 22 percent in sales of new vehicles). The company also has a series of agreements with leading car dealers in Chile to offer financing for the acquisition of vehicles.

Forum will continue to run business as usual, offering services to its clients with the same commitment and high standards.

BBVA Chile

Despite Forum’s attractive business position, BBVA has started this review process in the wake of selling its banking business in Chile last July for $2.2 billion. The transaction generated net capital gains of €633 million and a positive impact on the Group’s fully loaded CET1 capital ratio of 50 basis points.

BBVA maintains its strategic commitment with the Latin American market and will continue to invest in the region, which remains a priority for the growth of its business.

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