Agustina Ramírez “Brazil completes BBVA’s strategic footprint in Latin America”
Brazil has established itself as one of the most dynamic markets in Latin America. The country is home to a large number of major corporations, leads key sectors such as energy, agribusiness and infrastructure, and hosts a sophisticated financial community. In this context, Agustina Ramírez, Head of BBVA CIB in Brazil, outlines how the bank has built a differentiated value proposition to position itself as a leading financial partner in the country.
BBVA CIB’s decision to enter Brazil a year ago went beyond simply opening a new international subsidiary: it marked the execution of an ambitious and coherent regional strategy. This move responds both to the country’s economic potential and to the need to offer comprehensive coverage to the Group’s global clients. With a local presence, BBVA aims to play a leading role in developing sustainable, innovative financial solutions tailored to Brazil’s complex corporate environment.
BBVA’s return to the Brazilian market after two decades is based on a dual rationale: meeting increasing client demand and completing its footprint in a region where it is already a relevant player. “Brazil was the missing piece in BBVA CIB’s regional presence,” says Agustina Ramírez, Head of BBVA CIB in Brazil. “Its incorporation gives us the capabilities we need to stand shoulder to shoulder with the major international banks operating in the country.”
"Brazil was the missing piece and its incorporation gives us the capabilities we need to stand shoulder to shoulder with the major international banks operating in the country"
Beyond its economic weight, the region is a key decision-making hub for large corporate groups. São Paulo, in particular, hosts the highest number of regional treasury centers in Latin America, making Brazil a strategic base for expanding BBVA’s regional footprint and strengthening its cross-border offering.
With over 250 companies generating revenues of more than USD 1 billion and a high concentration of BBVA CIB’s global clients already operating in the country, establishing a local presence became critical. “Over 90% of our global clients are already present in Brazil,” explains Ramírez. This is further supported by the strong potential of the institutional business, underpinned by a mature financial ecosystem and a solid investor base, which further reinforces Brazil’s strategic relevance in the region.
Sustained development with a long-term vision
Since its launch, and particularly following the start of local operations in mid-2025, BBVA CIB’s development in Brazil has been steady and well-structured, with a strategy focused on sustainable growth and long-term relationships. The bank has taken part in nine bond issuances and mobilized balance sheet resources totaling over 3 billion dolars. This activity consolidates Brazil as BBVA’s leading market in Latin America for outbound transactions, that is, deals originating in Brazil and extending abroad.
Beyond the figures, the real progress lies in strengthening client relationships. Ramírez highlights the team’s efforts to build a compelling value proposition in a demanding and competitive environment. In the initial phase, the focus was on large Brazilian corporations with demand for offshore products. As local capabilities have expanded, BBVA has intensified its engagement with global multinationals clients operating in the country, accelerating their onboarding in response to growing interest in local market solutions.
Agustina Ramírez, Head of BBVA CIB in Brazil
At the same time, the bank has strengthened its position in the institutional segment, with a particular focus on banks and asset managers. “These are highly sophisticated clients with complex needs,” notes Ramírez. “Products such as monetisations or margin loans, developed locally, have been very well received and have enhanced our global product capabilities.”
This progress has been made possible by combining global capabilities with a deep understanding of the local context. “We’re not looking to replicate models, we aim to adapt them to the Brazilian market,” Ramírez explains. “This has translated into a clear commitment to local talent, we now have a team of over 75 employees.” São Paulo has also been established as a key regional operational hub. From this base, BBVA coordinates with companies that centralise their Latin American financial decision-making in Brazil, with multinational subsidiaries already working with the bank in other geographies, and with leading Brazilian corporates. It also maintains strong institutional activity with the country’s major banks.
In parallel, local operations have progressed in local operations, including onshore booking, alongside the development of trade finance solutions, where eleven transactions have already been closed and a recurring deal flow is beginning to take shape. In addition, BBVA is increasing its quoted volumes in Global Markets, which will enable the bank to generate a continuous stream of activity, alongside the planned launch of cross-currency swap operations by year-end.
Sustainability and specialised solutions
One of the key growth pillars in Brazil has been the ability to offer solutions tailored to each client’s needs, both in terms of sustainability and innovative financial product development. BBVA works closely with BNDES, the country’s national development bank and a leading institution in sustainability and the energy transition.
The bank has also supported companies such as Aegea and Localiza in sustainability-linked financing, while introducing structured products such as monetisations and margin loans aimed at institutional clients. Highlights include collaborations with Itaú, with transactions exceeding USD 600 million year-to-date, and the MIGA Trade Loan with Banco do Brasil, amounting to USD 200 million. “These transactions reflect a flexible, technically robust value proposition designed around each client’s needs,” adds Ramírez. “That’s where the strength of our capabilities and the quality of our service lie.”
Mid-term outlook
Looking ahead, BBVA aims to consolidate a solid and profitable franchise aligned with the Group’s strategic goals in Latin America. Beyond balance sheet growth, the focus is on continuing to develop a relationship-driven banking model, where trust, proximity and responsiveness form the foundation of client engagement.
“Our ambition is to keep building long-term relationships with our clients, understanding their challenges and supporting them in their transformation journeys,” Ramírez affirms. In a landscape where several international banks are shifting towards more standardised models, BBVA sees an opportunity to differentiate through flexibility, sector expertise and a long-term collaborative culture.
“Our ambition is to keep building long-term relationships with our clients, understanding their challenges and supporting them in their transformation journeys"
The bank also expects to offer its first cash management products by mid-2026, while continuing to strengthen its capabilities in Global Markets products, corporate lending (short- and long-term) and credit solutions.
“We want to be relevant not through volume, but through value-added, sustainability focus and execution capabilities. Our commitment to Brazil is not cyclical, it is structural, and stems from a strong conviction that this market is key to the future of our clients and of the Group itself,” she concludes.
Ultimately, the commitment to Brazil reflects a long-term, relational and sustainable approach to a strategic and rapidly transforming geography. “We know it’s not an easy market: competition is intense, banking penetration is high, and clients are extremely sophisticated. Precisely for those reasons, we believe we can make a real difference,” Ramírez concludes.