In its latest Spain Outlook report, presented today by Jorge Sicilia, the Director of BBVA Research and Chief Economist for the BBVA Group, and Rafael Doménech, the Head of Economic Analysis, BBVA Research lowered the forecast for the national GDP growth to 1.9 percent (from 2.3 percent three months ago) and to 1.6 percent for 2020 (from the previous forecast of 1.9 percent). The decrease is explained by a review of economic data carried out by Spain’s national statistics body, the INE, due to the negative trend in some components of demand and the deteriorating international context. Under this scenario, around 750,000 jobs would be created over the two-year period and the unemployment rate would average 13.3 percent next year.

The Laredo Chamber of Commerce recognized three BBVA USA employees during their annual Laredo Chamber of Commerce Recognition of Volunteers & Awards Ceremony last month, with one being named the top volunteer in the area.

The fourth time’s a charm for BBVA USA’s Senior Executive Vice President and Chief Talent & Culture Executive Rosilyn Houston, who was named Monday to American Banker’s Top 25 Most Powerful Women in Banking list.

• Community Investment: BBVA and the Montrose Center, along with Houston community leaders, break ground on an affordable, LGBTQ-affirming independent senior living center.
• Retail Banking: BBVA USA Retail Banking Head Çağri Süzer highlights why branches and digital are complementary forces for the bank.
• Small Business: BBVA and the Houston Dynamo announce their annual small business contest.

Garanti BBVA appoints Recep Bastug as its new CEO, replacing Fuat Erbil. Recep Bastug also becomes the new Country Manager for BBVA in Turkey. The change is effective as of September 1st, subject to required regulatory approvals.

BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA), reported today net income of $160 million for the second quarter of 2019 compared to earnings of $184 million in the second quarter of 2018. Return on average assets and return on average tangible equity¹ for the second quarter of 2019 were 0.69 percent and 7.34 percent, respectively. Net income for the first six months of 2019 totaled $301 million compared to earnings of $393 million for the first six months of 2018. Return on average assets and return on average tangible equity¹ for the first six months of 2019 were 0.65 percent and 7.00 percent, respectively.

Emilio Ybarra, the former co-chairman of BBVA, has died. He was 82.

In its latest Spain Economic Outlook report – presented today by Jorge Sicilia, Director of BBVA Research and Chief Economist of BBVA Group, and Rafael Doménech, Head of Economic Analysis – BBVA’s research service slightly upgrades its domestic GDP growth forecast for 2019 to 2.3% (vs. 2.2% three months ago), and keeps its 2020 forecast unchanged at 1.9%. The economy is expected to continue expanding in the coming months, driven by the progressive recovery of the global environment, a more accommodative monetary policy and declining oil prices. Under this scenario, BBVA Research expects 810,000 new jobs to be created over the coming two-year period, driving the unemployment rate down to around 12.2% by the end of 2020.

BBVA’s new brand  has now been rolled-out across all the countries within the bank’s footprint. The process of deploying the new corporate image will continue for the next six to twelve months, reaching all channels, both physical and virtual, and all customer touchpoints.

BBVA today initiated its new brand strategy and updated logo originally announced in April, beginning the process of replacing tens of thousands of physical logos — and thousands more digital ones — with the bank’s new mark. In the U.S., crown signage on high rise buildings in Birmingham, Ala., Denver, Austin, San Antonio, Dallas and Houston unveiled the new logo today, along with four branch locations. Remaining locations will transition to the new brand in the coming months.

BBVA USA today announced that it has named Kevin McMahon as its new U.S. Head of Engineering, where he will be responsible for the company’s overall information technology strategy.

• Earnings: For the first quarter of 2019, BBVA Compass reports a net income of $141 million.
• Community Investment: The BBVA Compass Foundation donates $1 million to the construction of Avenue Center, a mixed-use community resource center in north Houston.
• Unified Brand: BBVA announces that it will launch a new logo and unify its brand across its footprint, with BBVA becoming the Group’s name globally.

BBVA Compass Bancshares, Inc., a Sunbelt-based bank holding company (BBVA Compass), reported today net income of $141 million for the first quarter of 2019 compared to earnings of $209 million in the first quarter of 2018. Return on average assets and return on average tangible equity* for the first quarter of 2019 were 0.61 percent and 6.64 percent, respectively.

BBVA today announced to its employees that it will unify its brand and launch a new logo across its footprint, as it advances in its efforts to offer its customers the best products and services, in an increasingly digital environment. The Group held a special Live@BBVA event, watched in real time by its almost 126,000 team members, who attended in person or viewed via streaming. The event was co-hosted by BBVA Group Chairman Carlos Torres Vila and BBVA CEO Onur Genç.

BBVA will become the Group’s name globally. The bank will discontinue the local names in Argentina (Francés), Mexico (Bancomer), Peru (Continental), and the United States (Compass) in the coming months. Garanti, the Group’s franchise in Turkey, will change its name to Garanti BBVA.

• Workplace Equality: BBVA Compass earns a perfect score of 100 percent on the Human Rights Campaign Foundation’s 2019 Corporate Equality Index.
• Risk Management: BBVA Compass joins 11 other financial institutions to advance best practices for managing third-party risk in the financial services industry.
• Financial Education: On the heels of a successful four-month pilot, BBVA Compass launches its full financial education program for 2019

BBVA Research, the research services arm of BBVA, has released its most recent edition of the “Spain Economic Outlook” where it forecasts a slight slowdown in growth. The report was presented today by BBVA Research Director and BBVA Group Chief Economist, Jorge Sicilia, and Rafael Doménech, Head of Economic Analysis at BBVA Research. The forecast lowers first quarter expectations to 2.2 percent in 2019 and 1.9 percent in 2020 (from 2.4 percent and 2 percent, respectively). Even so, the report signals that an improvement in economic activity could be underpinned by the global economy’s gradual recovery, an increasingly expansionary stance on monetary policy, continued low oil prices, and the positive conclusion to uncertainty stemming from different sources. Consequences of such a scenario would see a salary increase exceeding the inflation rate, an up to 12 percent reduction in unemployment in 2020, and the creation of close to 630,000 jobs over the next two years.

The National Association of Women Business Owners reports 11.6 million women-owned firms in the United States. Access to banking solutions, ranging from small business loans to venture capital and digital applications, has been critical in fueling that growth.

Onur Genç this week visited three of BBVA’s units in South America, in his capacity as BBVA Group CEO. His first stop was Bogotá, where he held a series of meetings with the teams of  BBVA in Colombia, which is led by Country Manager, Óscar Cabrera. The CEO stressed the franchise’s continued market share growth, with a 2 percent increase in seven years, to 10.25 percent. “A bank is only as good as its people. Congratulations on your achievements,” he said.

• Entrepreneurship: BBVA Compass announced three opportunities for small businesses to garner funding.
• Recognitions: BBVA Compass earned recognition from Global Finance magazine, AVA Digital Awards and GoBankingRates.com.
• “Outstanding” Performance: The Federal Reserve Bank of Atlanta rates BBVA Compass “Outstanding” for CRA performance.

BBVA has decided to present its 2019 first quarter results one day earlier, on April 29th, given the large number of financial sector results presentations the following day.

BBVA Group executive chairman Carlos Torres Vila took advantage of Peruvian President Martín Vizcarra’s visit to Spain to confirm BBVA’s commitment to the country. The bank has had a presence in Peru for nearly 25 years now. “We want to foster access to banking services in Peru through universal, customer-oriented banking,” said the BBVA chairman.

• Earnings: BBVA Compass reported a net income of $196 million for the fourth quarter of 2018.
• Appointments: BBVA Compass appointed Miami Market CEO and new Global Wealth Executive.
• Shutdown Relief: BBVA Compass announced that it will provide financial relief for clients directly impacted by the recent federal government shutdown.

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BBVA regrets the inconveniences caused by the freezing of some customer accounts in Spain, which was undertaken in compliance with Anti-Money Laundering laws.  This legislation requires that banks assume obligations related to the knowledge, monitoring, and control of their customers and their banking activities with the aim of preventing money laundering in the financial system. BBVA has taken the necessary measures to streamline the documentation process and restore the affected accounts to normal activity, once the documentation required by law is in place.

BBVA CEO Onur Genç continues his tour across the Group’s operating countries. After his visit to Spain and Mexico, last week he found himself in Turkey. During his visit to Garanti Bank, Genç was able to witness  firsthand the digital transformation progress that has been made by one of the bank’s leading digitization franchises, led by Fuat Erbil.

BBVA Compass has named Brian Fricke as its Chief Information Security Officer (CISO), where he will oversee the bank’s Information Security and Engineering Risk functions.

Che Goff knows Corpus Christi. One could surmise that the newly-appointed BBVA Compass Corpus Christi City President got to where he is because of his attachment to the place he calls home.

BBVA CEO Onur Genç, is still embarked on his tour across the different geographies in which the BBVA Group operates. After Spain, his next stop was Mexico, where he met with the BBVA Bancomer team, led by Eduardo Osuna.

Over the course of the work sessions, Onur Genç had the opportunity to learn first-hand about the business plans of BBVA’s Mexican franchise and discussed the countless milestones achieved by the bank in its transformation journey, with an ever increasing portfolio of digital products and services for private customers, corporates and public administrations. “What you have achieved as a team in Mexico is simply marvelous. In all metrics, BBVA Bancomer’s has done a wonderful job. You’re leading the way towards transformation,” he said.

Spain was the first stop in the tour BBVA’s new CEO is taking across the different markets where the Group operates.

Onur Genç met with those in charge of BBVA Spain, as well as the different multidisciplinary teams working on the development of next-generation digital products and services. “I was able to see first hand the commitment and dedication of the entire BBVA team in Spain. They are pioneers in many of the projects the Group launches,” he said.

BBVA Compass has appointed Hector Chacon as its new Global Wealth Executive, promoting a long-time employee who has held multiple positions prior to his new role.

In general, banks are able to continue with business as usual during a government shutdown. Accounts can be opened, transactions can be processed, loans can be funded. However, there are some areas that rely heavily on Federal employees in specific situations.

In general, banks are able to continue with business as usual during a government shutdown. Accounts can be opened, transactions can be processed, loans can be funded. However, there are some areas that rely heavily on federal employees in specific situations.

With regards to media reports related to Grupo Cenyt, which if found to be true would be extremely serious, BBVA informs that in June 2018 it opened an investigation into the hiring and services rendered by this company. It also commissioned an external law firm to proceed with an independent review of all facts and available documents. Both actions are currently underway.

Should any irregularities be detected during these reviews, BBVA will adopt the pertinent internal measures and take the appropriate legal actions and, as always, will fully cooperate with law authorities.

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.

Onur Genç has just been named the next CEO of the BBVA Group. He is excited, beyond happy and somewhat surprised. As the announcement is made public we meet him for a quick chat.

The Board of Directors of BBVA approved the succession plan for the company’s chief executive officer (CEO). Onur Genç, who is currently the CEO of BBVA Compass and U.S. country manager for BBVA, will replace Carlos Torres Vila as Group CEO. The succession is expected to take place on Dec. 31, 2018.

BBVA’s family of podcasts is growing. The Group is launching two new programs this week that will join its collection of audio content. ‘Deep Talks’ is a monthly interview with people who managed to transform their environment. The first person featured in the podcast is BBVA Group Executive Chairman Francisco González. Meanwhile, ‘Data Stories’ aims to explain the world of data and its importance in people’s everyday lives. The podcasts are part of the bank’s commitment to sharing knowledge and content.

Because safety is our top priority, many BBVA Compass branches along the Alabama and Florida Gulf Coast were closed on Oct. 10 due to Hurricane Michael. Below are the branches’ current status. We will continue to provide any updates as they become available. Online Banking and the BBVA Compass Mobile Banking app are still available, and you can also call us at 1-800-COMPASS.

The Royal Swedish Academy of Science has awarded the Nobel Prize in Economic Sciences 2018 to U.S. Scientists William D. Nordhaus and Paul M. Romer in Economic Sciences. Nordhaus, who earlier this year won the BBVA Foundation Frontiers of Knowledge Award in Climate Change, has developed the first model capable of integrating economic and environmental data to identify the most efficient policies against global warming. Romer has pioneered the use of technology in macroeconomic research.

The Board of Directors of BBVA approved the succession plan for the company’s chairman. The plan establishes that CEO Carlos Torres Vila is to replace Francisco González as group executive chairman when he leaves his post, which is expected to take place on Dec. 31st, 2018. The succession ensures the continuity of the transformation process which has placed BBVA at the forefront of the global financial industry.

Political concerns in Italy and the intensification of geopolitical tensions between the U.S. and Turkey set a cautious tone in financial markets last week. The tone was not alleviated by the possibility of an easing in trade disputes between China and U.S.

BBVA Compass’ hometown of Birmingham recently made national news in Forbes for its efforts in becoming the Silicon Valley of the South.

As the trade war between China and the U.S. continues to escalate, both sides exchanged salvos in early July with the U.S. imposing 25 percent tariffs on $34 billion worth of imports from China, followed by a similar response from China.

Top news and articles from BBVA Compass in June reflected the bank’s commitment to being a digital leader and engine of opportunity for customers, small businesses and communities throughout its footprint. The bank also positioned itself as a financial education resource, publishing a series of informational articles on homeownership.

The rise of fintech platforms has yielded an uptick in banking industry innovation. Newsworthy developments seemingly come in waves, bombarding the news cycle and drowning consumers with vast amounts of information.

BBVA Compass‘ record quarterly earnings for the first quarter of 2018 was top news on bbva.com for the month of April. Other leading news in April and May reflected the bank’s commitment to small businesses, financial education, and being an engine of opportunity locally and within its communities. The bank also published a series of articles that spotlighted its culture, employees and digital transformation.