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Ethical Banking

14 Jun 2018

BBVA Compass last week announced that Celie Niehaus had been named as its Chief Compliance Officer and newest member of the bank’s management committee. Niehaus has a long history in risk management across multiple financial institutions. We took some time to sit down with her to understand how a largely regulatory function like compliance could contribute to the digital aspirations of a financial institution. As it turns out, compliance, just like banking, is itself in a state of evolution. To find out more, read on.

16 May 2018

14 Dec 2017

The U.S. Congress got a step closer to improving access to mainstream financial services for the underserved and unbanked with the inclusion of the MOBILE Act (H.R. 1457) as part of an amendment to the banking regulatory relief bill that was reported out of the Senate Banking Committee last week, and the standalone bill reported out (by 60-0 vote) of the House Financial Services Committee this week.

13 Dec 2017

24 Oct 2017

For the banking industry, the digital revolution has brought new technologies and new types of customers and competitors. But it has also created a new set of ethical responsibilities regarding cybersecurity and the use of data. José Manuel González-Páramo, BBVA’s Executive Director, talked about those ethics, and the opportunities and challenges of digitization, during a speech at the Atrium of the Gentiles, a cultural dialogue organized by the engineering school ICADE and the Ecumenical Social Forum of Madrid. He said these ethics will require acting from a triple perspective: educational, business and regulatory

26 Sep 2017

23 Jun 2017

08 Jun 2017

Garanti Bank signed a residential mortgage covered bond agreement with IFC (International Finance Corporation), a member of the World Bank Group, with 5-year term maturity worth at USD 150 million equivalent to 540 million Turkish Lira. Garanti issued the first residential mortgage covered bond ever, which is IFC has invested the first time in Turkey as well. Garanti will use the fund to provide green mortgages for the purchases of energy efficient housing, helping to boost the development of green buildings in the country’s housing sector.

19 Apr 2017

30 Mar 2017

There has been an increasing focus on sustainable finance and on the impact of the climate change for the financial stability since 2015 year. Having said that, sustainable finance and the analysis of the consequences of climate change for the financial system are still in a very nascent stage and there is still a lot of work to be done. Two leading projects that are a step in the right direction are those of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD) Recommendations -at global level- and the creation of a European Expert Group on sustainable finance -in the EU.

27 Jan 2017

Ethics has always been a key debate topic within the financial system. And it still is in the current era of digital disruption that has engulfed a sector that is pivotal for the economy. But, can the banking industry stay up to date with the new frantic pace of innovation and still operate following a series of ethical principles?

In José Manuel González-Páramo’s opinion, in the context of change unleashed by new technologies, the financial sector needs to keep ethics at the core of its banking activity. According to BBVA’s executive director, in the new digital era, banks need start considering confidence as a top priority, and data privacy and cybersecurity as the two pillars on which this confidence is built.

02 Dec 2016

After the financial crisis of 2008, the role that banks need to play in society seems to have been finally clarified. The purpose – or the rationale – of a bank is currently defined in terms of service to citizens, the community or the specific groups with which it interacts (stakeholders).  In this new business model, principles are integrated into the bank’s strategy and grant consistency and unity to three fundamental concepts:  the purpose, the strategy and the corporate culture.  Today in the banking industry, the talk is not about what we want to be but how to become what we want to be. In other words: how to build a responsible culture.

18 Nov 2016

Political events have been to the fore in 2016, and discussions at yesterday’s “Challenges for the Future of Banking”  (CFB) event, hosted by the IESE Navarra Business School in London*, reflected this. Commenting on the rumored bonfire of U.S. banking regulations by the incoming Trump administration, one speaker said: “I don’t want the Volcker Act (which prohibits American banks from trading on their own behalf) repealed – the re-organization would be too disruptive.”

29 Apr 2016

BBVA CEO Carlos Torres Vila said today that the sustainability of the banking business model in the current context of negative interest rates requires a change: To leave behind a money-centric infrastructure, based on revenues generated by interests, and develop a banking model that seeks to make a bigger difference in customers’ lives. Speaking during BBVA’s Q1 2016 results presentation, Carlos Torres Vila expressed his conviction that “the more we are capable of offering a distinctive value, the more satisfied customers will be and the more viable and sustainable our business model will be.”

19 Apr 2016

08 Apr 2016

Excerpt of the article published by Eduardo Arbizu, Head of Legal & Compliance at BBVA, in the Economic Studies Bulletin (“Boletín de Estudios Económicos”)  where he defends corporate culture (understood as formulating and putting into practice a series of values) as an essential component to ensure the proper functioning of the financial system from an ethical standpoint.

16 Mar 2016

03 Mar 2016

The key for a financial institution to survive in such a rapidly changing environment is to abide by ethics, according to BBVA Executive Director José Manuel Gónzalez-Páramo. In a conference on Companies and Public Goods held by the University of Navarra’s Entrerprise and Humanism Institute, José Manuel González-Páramo emphasized that “ethics is the keystone of the banking sector”.

14 Jul 2015