BBVA named best FX provider in Latin America
Global Finance magazine has recognized BBVA as the Best Foreign Exchange (FX) Provider in Latin America for the third year in a row. The 2019 World’s Best Foreign Exchange Providers awards were presented on November 19 in London. The publication also presented BBVA awards for the best FX services in its franchises in Peru, Argentina and Spain.
BBVA holds an important position in the foreign exchange market in Latin America, where in addition to Peru and Argentina, it is also a leader in this type of operations in Colombia and Mexico. In all of these markets, BBVA stands out for its intensive use of technology as a tool to facilitate its clients’ transactions. In fact, BBVA’s franchises in these countries are directly connected to London and New York to guarantee swift access to these global hubs, and in order to offer clients the best service and experience.
In naming BBVA the best FX service provider in these markets, Global Finance took several criteria into account, including transaction volume, market share, global coverage, customer service, competitive pricing and the use of innovative technology. Industry analysts, corporate executives and technology experts also participate in selecting the winners.
Luis Martins, Global Head of FX, said: “FX is strategic asset category for BBVA. These awards reflect the value customers place on the use of technology and new ways of doing business, as we have been at the cutting-edge of innovation by digitizing foreign exchange transactions and international payments in these local markets. Among our main segment of customers, over 50 percent of our transactions are now digital, compared to practically zero just a couple years ago.”
Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance added that, "Foreign exchange is the heart of global trade, which is currently experiencing a moment of risk due to the rebirth of nationalistic fervor and the call to protectionism.” He also reminded that these awards recognize banks that help clients navigate a market with an ever-changing environment.
A leader in Argentina and Peru
BBVA’s Argentine unit was recognized by Global Finance as the best FX provider in the country, illustrating its leadership in this kind of operations.
“We are very proud of this award, which demonstrates that CIB’s Global Markets team sets ambitious goals, thinks big, and push themselves to go further in every product they offer each of their clients," said Javier Steindl Balestra, the Head of Global Markets for BBVA in Argentina.
Global Finance also distinguished BBVA’s business in Peru, where it maintains a leading position in FX Spot and Derivatives markets, with a market share of 20.5 percent and 26.3 percent, respectively.
“We are very honored by this accomplishment. It is the result of our strategy to offer more competitive prices, global product capacity and personalized advice, seeking to expand the FX products and services we offer to all our client segments through digital channels and electronic platforms that provide the best service experience,” says Frank Babarczy, the Head of Global Markets for BBVA in Peru.
“We are very proud of this award, which demonstrates that CIB’s Global Markets team sets ambitious goals, thinks big, and push themselves to go further in every product they offer each of their clients," said Javier Steindl Balestra, the Head of Global Markets for BBVA in Argentina.
Global Finance also distinguished BBVA’s business in Peru, where it maintains a leading position in FX Spot and Derivatives markets, with a market share of 20.5 percent and 26.3 percent, respectively.
“We are very honored by this accomplishment. It is the result of our strategy to offer more competitive prices, global product capacity and personalized advice, seeking to expand the FX products and services we offer to all our customer segments through digital channels and electronic platforms that provide the best service experience,” says Frank Babarczy, the Head of Global Markets for BBVA in Peru.