Following several quarters of slowing down, the Turkish economy is starting to stabilize, and forecasts suggest a V-shaped recovery for 2020. BBVA CEO went to Turkey this week to meet with the Garanti BBVA team. Onur Genç stressed that: “Turkey was the biggest positive surprise for the Group in 2019, and 2020 will be even better.”
Dillan Knudson has taken somewhat of a circuitous route throughout his career in the financial industry – and beyond – leading to his recent appointment as BBVA Houston CEO.
This year marks the 50th anniversary of the World Economic Forum, popularly known as the Davos Forum. The event kicks off on January 21 in the Swiss district of Davos-Klosters. For half a century, this forum has brought together politicians, businesspeople, and representatives from social and cultural organizations in order to find solutions for the world’s problems. 2020 sees the launch of a new ‘Davos Manifesto’ with the single objective of building a more sustainable, inclusive world.
We interview Hector Chacon BBVA USA Global Wealth Executive
The new year kicked-off with a deluge of corporate issuances. Last week Europe’s bond market had its biggest week ever, with sales of new bonds totaling over €90 billion. Financial institutions accounted for approximately half of the total (€43 billion). BBVA issued two bonds that were warmly welcomed by investors.
Today, BBVA placed €1 billion of Tier 2 subordinated debt on the market. The debt, maturing on January 16, 2030 has an interest rate of mid-swap plus 127 basis points, 28 basis points below the initial interest rate (mid-swap plus 155 points) and a 1% coupon. Demand for the issuance reached €4.2 billion, exceeding the opening offer by four times.
BBVA USA has appointed Jorge Unda as Chief Investment Officer of its asset management units. In his new role, Unda will be responsible for overseeing the asset management functions of both the bank’s Asset Management & Trust division and those of BBVA Wealth Solutions, Inc., a registered investment adviser affiliate of the bank.
According to BBVA Research’s latest Country Risk Quarterly Report, financial tensions have eased across all regions, markets, and asset classes with the exception of Latin America. Emerging Asia is the only region where all variables for the macroeconomic vulnerability radar analysis stand below their corresponding risk thresholds. Between 2018 and 2019 there were no significant changes to the degree of macroeconomic vulnerability across all developed economies, whereas within emerging regions, changes were concentrated in Latin America.
BBVA kicked off 2020 with a €1.25 billion non-preferred 7-year bond issue, the year’s first by a Spanish bank. The bond received a warm welcome from investors and was two-times oversubscribed, with demand exceeding €2.6 billion and drawing a high-quality order book. All this enabled BBVA to price the bond at 70 basis points over mid swap, compared to the initial guidance of 90 basis points.
Garanti BBVA has collaborated with the Turkish Industry and Business Association (TÜSİAD) by sponsoring the fifth ‘Understanding & Doing Business with China’ conference, recently held in Istanbul.
Corporate and investment banking focus its activity on financing the development of enterprises and corporations and catering to their investment needs. Wholesale clients – which can be anywhere from different-sized companies to financial institutions or institutional investors – require more sophisticated financial products, either because of their size or the nature of their activity. In this guide we take a look at eight basic concepts that will help you understand the fundamentals of this business.
Doğan Holding’s subsidiary Suzuki Motor Vehicles Marketing Inc. became the first Turkish company to use Garanti BBVA’s Global Payments product featuring SWIFT FileAct.
This week, BBVA sold two of its largest portfolios of written-off loans. Following the sale of “Project Juno”, the bank signed the transfer of a portfolio comprised of loans to small and medium sized enterprises (SMEs) with an approximate gross value of €2.1 billion.
According to current available data and profits forecasts, BBVA estimates a potential negative adjustment in the goodwill value at its U.S. business unit. This adjustment is mainly related to the evolution of U.S. interest rates and the economic slowdown in that country. The accounting adjustment has no impact on tangible net equity, capital, or liquidity of BBVA Group, nor on its ability to distribute dividends or the amount of the dividend payment, which will be proposed to the Board of Directors for its approval.
BBVA has appointed Peio Belausteguigoitia as head of BBVA Spain, replacing Cristina de Parias, who leaves her executive duties after a successful career of more than three decades both inside and outside BBVA. Cristina de Parias will remain involved with the Group as she will join the board of BBVA’s subsidiary in Mexico, once the necessary approvals have been obtained.
BBVA has signed the sale of a written-off loan portfolio (mostly consumer loans) worth a gross total of €2.5 billion. The transaction is BBVA’s biggest ever of this kind to date.
To what extent does having a bank account while still a minor— without parental oversight or control of other guardians — influence one’s life? This is one of the principle questions answered by research conducted by Carly Urban of the University of Montana and selected by the BBVA Center for Financial Education and Capability during the first installment of the BBVA EduFin Research Grants.
BBVA has participated in preparing the ‘Total tax contribution’ report, which analyzes tax contributions made last year by major European companies. The study, conducted by the European Business Tax Forum (EBTF), discloses the tax contributions made by large corporations and thus contributes to the promotion of transparency.