BBVA signs Spain’s first-ever “flexible term loan” with Cosentino
True to its commitment to innovation, BBVA announced the signing of a €35 million flexible term loan with spanish-based multinational Cosentino. This is the first time this format has been offered in the Spanish market, and was conceived by BBVA to meet the financing needs of its customers.
The flexible term loan (FTL) is a ground-breaking corporate financing product launched by BBVA, that combines the main advantages of a loan and a discretionary credit line, once the previously agreed conditions have been fulfilled. This product enables the customer to convert the outstanding balance of the loan –that is, the amount of money owed– into a line of credit that will mature after having repaid a certain percentage of the funds, subject to an initially agreed fee.
The Cosentino Group produces and develops innovative high-value surfaces for the architecture and design industry, with pioneering and leading brands in their respective segments. The Almería-based multinational therefore underscored the flexibility offered by the FTL, which meets its financing needs. The loan is part of the €300 million seven-year external financing plan that the company has devised to undertake its modernization process, and which envisages everything from the automation of industrial processes or the launch of innovative products, to the digitization of internal processes.
This transaction contributes to reinforcing BBVA's commitment to innovation and the provision of financial advice through the creation of new products capable of meeting its customers' requests. Another example of this comitment is the world's first blockchain-based corporate loan signed earlier this year in April, which brings all the advantages of cutting-edge technology to business operations.
BBVA has the capacity and the knowledge to provide its customers with a whole range of tailored financing options, and is taking a leading role in developing this market.
Digital transformation also applied to corporate loans
BBVA is a benchmark in the transformation of the financial industry. In the area of wholesale banking, the Group is innovating both financial products as well digitizing solutions with the aim of enhancing the experience of business clients and corporations.
This entails constantly working with corporate clients with the view to not only offering better financial solutions but also the latest technological innovations on blockchain.
BBVA Corporate & Investment Banking is a pioneer in the advantages offered by technology to enhance the agility and transparency of its core products such as corporate lending as a step toward a Do-it-Yourself financing model for business clients and corporations.
About the Cosentino Group
Cosentino Group is a global, Spanish, family-owned company that produces and distributes high value innovative surfaces for the world of design and architecture. Cosentino’s goal is to anticipate, together with its customers and partners, design solutions that offer value and inspiration to people’ lives
The Cosentino Group currently distributes its products and brands in more than 110 countries, from its headquarters in Almeria (Spain). Currently, Cosentino is present in 40 countries, and owns commercial and distribution assets in 29 of them. The group has eight factories (seven in Almería (Spain) and one in Brazil), one intelligent logistic platform in Spain, and more than 135 commercial and business units throughout the world. More than 90% of Cosentino Group’s financial turnover comes from international markets.
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