Carlos Torres Vila (BBVA): “Europe needs greater unity and stronger investment ambition to enhance competitiveness and autonomy”
BBVA Chair Carlos Torres Vila analyzed the main global economic challenges and Europe’s role in a context marked by geopolitical uncertainty this Monday at the ‘Wake Up, Spain!’ event, organized by ‘El Español’. During his remarks, he highlighted the need to strengthen European unity and mobilize investment. The response lies in “more Europe: greater unity and stronger investment ambition. Thinking more in terms of the continent and less along national lines,” he said. He also emphasized the role of artificial intelligence and the energy transition as key drivers of future growth and underlined that “at BBVA, we are leading the transformation of banking in the new era of artificial intelligence.”
Carlos Torres Vila highlighted the increasing fragmentation of the international landscape in recent years, marked by trade tensions, protectionism and the reconfiguration of blocs. Added to this are “armed conflicts that directly affect us, such as those in Ukraine, Gaza and Iran.” Beyond the human toll, he noted that these conflicts expose vulnerabilities and affect the cost and supply of energy. For now, the impact on global growth is limited, with an economy that remains resilient at around 3%. In his view, this resilience is supported by supply chain adaptation and the monetary and fiscal response.
In this context, he warned that “Europe faces the challenge of redefining its role in the world” and identified several structural challenges. The main one is the risk of falling behind. In response, he proposed two solutions: reducing external dependence and strengthening autonomy while improving competitiveness. “Europe must strengthen its competitiveness and autonomy, which require more investment. That is where the solution lies,” he said.
This entails transforming the economic and industrial model to sustain productivity and channel savings into productive investment. “Europe does not have a savings problem, but rather a problem of how to turn savings into productive investment, into growth,” he explained. To move in this direction, he proposed improving investment opportunities through regulatory simplification and harmonization across countries. He also considered it necessary to develop more attractive investment projects, foster a greater willingness to take risks when investing and develop efficient mechanisms, such as a true single capital markets and the completion of the banking union. “These are the two channels through which savings are translated into productive investment,” he added.
Geographical diversification as a competitive advantage
BBVA Chair noted that the Group maintains positive prospects in all the markets in which it operates. “We have a great strength: a highly diversified portfolio of businesses and countries that provides us with significant growth,” he said.
By geography, he highlighted Spain and Mexico as pillars of BBVA. In Spain, where BBVA aims to continue gaining market share, he underscored the expected economic growth, above the European average. Regarding Mexico, he emphasized its structural opportunity due to its proximity to the U.S., its demographics, low credit penetration and the boost from public investment through Plan Mexico. In this country, BBVA has a unique franchise with differentiated scale, high profitability and leading digital capabilities.
He also highlighted the contribution of markets such as Turkey and South America. In Turkey, he underscored the long-term potential of its economy. Regarding South America, he emphasized its economic dynamism and positive outlook for the coming years.
He also referred to BBVA’s growth in Europe through digital banks in attractive markets such as Italy and Germany. However, he pointed to regulatory fragmentation as a barrier to achieving sufficient scale in Europe. Without an integrated financial market, European institutions cannot reach the scale needed to compete globally, he explained.
Asked about Venezuela, Carlos Torres Vila said that the country is “still in a very early stage of change. We are confident in a future of prosperity for the country. A new phase is opening up that we approach with hope, always with prudence.” He also recalled that the bank’s priority is to offer the best service to its customers and that BBVA is well positioned to seize any opportunities that may arise.
Energy transition: a structural opportunity
He also explained that, despite short-term uncertainty, the energy transition is a structural upward trend. “All energy sources are necessary in a context of higher costs and uncertainty and growing demand driven by electrification and artificial intelligence,” he said. He also highlighted that investing in renewable energy reduces Europe’s external dependence in a more unstable environment.
In this context, he stressed that energy investment increasingly makes economic sense, in addition to contributing to strategic autonomy and the fight against climate change. The BBVA Chair reaffirmed the bank’s commitment to sustainability as a growth lever, recalling the ambitious target of channeling €700 billion in sustainable business between 2025 and 2029. In 2025 alone, this figure reached €134 billion.
Artificial intelligence: towards more anticipatory banking
Carlos Torres Vila noted that artificial intelligence is the most significant revolution since the advent of the internet and is set to profoundly transform the economy, impacting all sectors. “I see this transformation as very positive,” as it will create significant value by enabling better services: more personalized, more affordable and of higher quality. Ultimately, “it makes knowledge accessible that was previously reserved for experts.” The BBVA Chair believes that AI will transform employment through the automation of many tasks, as has happened with other major transformations in the past: “That does not necessarily mean that employment will decrease. All major technological revolutions have created more jobs than they have destroyed, because new occupations emerge. The question is not whether we will work, but how we will work.”
He also noted that, thanks to artificial intelligence, the financial sector is moving towards more anticipatory and hyper-personalized banking, where AI enables a more natural and integrated relationship with the customer at lower cost. In this context, he reaffirmed BBVA’s ambition to lead this transformation, just as the bank led the digital transformation in its time, supported by “a clear and ambitious roadmap.” BBVA is already deploying AI across the organization, with widespread use and a real impact on the business.