BBVA Group executive chairman Carlos Torres Vila and BBVA CEO Onur Genç participated in a virtual Live@BBVA event with more than 65,000 connections from employees. They provided answers to questions about how BBVA is dealing with the coronavirus crisis and sent a message of hope. “Together we can ensure that the recovery is stronger,” the chairman said. “It is time to step up and make a difference,” and to do so, “ "it is essential that we all - authorities, companies and society a whole - act in a coordinated manner."
Although the consequences may be similar, there are significant differences between the economic recession of 2008 and the crisis that has abruptly erupted in 2020, primarily their origins: the Great Recession of 2008 was systemic and first took hold in the financial system; the Great Pandemic of 2020 is a cyclical crisis caused because the economy was brought to a sudden standstill in response to a health crisis. While there is a lot of uncertainty about the outcome, experts say that the rate of recovery depends on the speed with which containment measures are lifted.
In order to emerge from the COVID-19 crisis as soon as possible, it is important to adopt measures designed to preserve jobs, especially for SMEs and the self- employed, said BBVA’s Group executive chairman. At this point, “We need to put ourselves in the position of the self employed and business owners,” Carlos Torres Vila said Monday night in an interview with Spanish radio station COPE. In this regard, he stressed the role of banks to help these business endeavors overcome the crisis.
In an op-ed published in El País, Olga Gouveia, Principal Economist at BBVA Research, recalls the importance of banking services - considered essential services by authorities in many countries - in the current crisis caused by the COVID-19 pandemic. Thus, banks are part of the solution and the recovery will be faster if they remain capable of financing the economy.
Simple,a subsidiary of BBVA USA, today announced another addition to its rapidly growing list of products and features for its online customers with the launch of its No-Penalty CD.
On Monday, the Country Manager of BBVA in Spain, Peio Belausteguigoitia, held a virtual meeting with the team from bank’s entire business area in Spain (more than 20,000 people) to offer support and update them on the bank’s current situation. The director reported that the bank has managed to adapt to the new situation in record time.
Lending institutions belonging to the Spanish Banking Association (AEB) and the Spanish Federation of Savings Banks (CECA) are joining forces to announce a new voluntary measure to help mortgage customers affected by the COVID-19 outbreak, according to a statement from both entities. People with a mortgage on their first home who are affected economically by the coronavirus outbreak may apply for a deferral of up to 12 months in the capital repayment. Likewise, principal repayments on personal consumer loans are to be deferred for up to six months. This means that these customers will only pay the interests on the mortgage loan, which will reduce considerably the amount they were paying until now.
Thanks to initiatives by BBVA employees, the bank has donated 175 external cell phone batteries to the new IFEMA hospital and 210 blankets to the Alcalá de Henares hospital, both in Madrid.
BBVA’s has increased its initial €25 million commitment to €35 million to be used in to fight the coronavirus pandemic in the countries within its operating footprint. BBVA Group Executive Chairman Carlos Torres Vila recently explained that the bank must “step up” and use everything in its power and all its resources “to save lives, alleviate the economic impact, and help others overcome these difficult times.”