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Economy

Economy

The European Investment Bank (EIB) and BBVA have joined forces to help provide Spanish SMEs the funding they need to implement their digitization and innovation strategies. EIB Vice President Román Escolano, and the Head of BBVA Spain, Cristina de Parias, signed an agreement today in Madrid through which the EIB will provide BBVA €150 million to finance SME investment projects related to innovation and digitization. BBVA will provide an additional €150 million of its own resources to fund this new line of credit.

Positive market conditions and investor appetite have helped BBVA to get an excellent reception for its sixth issue of CoCos. The Group has issued a $1 billion bond, with the lowest coupon in dollars for an issuer from southern Europe (6.125%), and the longest maturity (perpetual, with a ‘call’ option starting in the tenth year). Registration of a prospectus with the U.S. Securities and Exchange Commission (SEC) has prompted a bigger participation from American, European and Asian investors.

The finance industry will survive the disruption in the sector, but only a few banks will be able to offer the best customer experience, adapt to the new ecosystem and successfully achieve their digital transformation. “Competition with the fintech companies makes us better and stronger,” said José Manuel González-Páramo, BBVA’s Executive Member of the Board, Head of Global Economics, Regulation and Public Affairs, during the European Central Bank´s Forum on Banking Supervision.