BBVA’s goal is to make the opportunities of this new era available to everyone. Being connected and having operational capabilities from anywhere in the world is more important than ever given the circumstances. The correspondent banking team, also known as International Financial Institutions (IFI), is a key part of this endeavor.
Just as every year since 2012, BBVA has voluntarily released its Global Tax Contribution report. In 2020, the Group carried out an additional exercise of transparency including, for the first time ever, non-financial public information in standard GRI 207. This standard allows entities to disclose comparable information regarding their fiscal strategy, governance model and tax risk management, as well as their contribution on a per country basis. Overall, BBVA Group’s worldwide tax contribution in 2020 amounted to €8.33 billion.
BBVA shareholders largely back the possibility of carrying out a relevant share buyback
BBVA shareholders backed the possibility of redeeming up to 10 percent of the bank’s share capital, equivalent to 667 million shares, with 99.6 percent of the votes at the Annual General Meeting (AGM) held in Bilbao today. This item on the agenda aims to be able to implement a relevant share buyback, as means of distribution to shareholders.
The Shareholders' General Meeting (also known as the Annual General Meeting or AGM) is one of a company’s primary corporate governance vehicles. During the Meeting, the company’s owners (the shareholders) ratify decisions on topics determined by law and by the corporate bylaws. The AGM includes particular features that are established by corporate law.
BBVA’s shareholders gift for the Annual General Meeting will be given to charitable causes
In order to help alleviate the effects of COVID-19 on the most vulnerable, BBVA will make a charitable contribution in Spain in replacement of the traditional gift given to shareholders for the Annual General Meeting. It will be the shareholders who vote on which of four causes they prefer for the donation from this gift: social inclusion, education, health and people with disabilities.
Financial and commercial services
BBVA closes its first corporate loan in the local currency renminbi in China
BBVA’s Shanghai branch has closed its first corporate loan in the Chinese currency renminbi (RMB) with Toyota Motor Finance China. The loan is a short term working capital loan to support Toyota’s corporate activity in the country. The transaction represents an important milestone for BBVA as it is the first one that the bank executes in the local currency after obtaining its renminbi licence in China.
Asia has become the world’s fastest growing economic region of the 21st century and currently plays a critical role in the global supply chain. According to figures provided by BBVA Research, between 2011 and 2021 the region generated 60 percent of global economic growth and one in every two million dollars of investment. And this contribution is expected to increase to 65 percent between 2017 and 2027. This growing trend is driving the global presence of Asian multinational companies as well as the expansion of global multinationals into Asia, where 43 percent of the 5,000 largest companies of this type are currently present. The region represents an important export center and a very attractive domestic market.
The information provided by the Police had already been made available by BBVA to the Judge and the Public Prosecutor’s Office
The Spanish National Police’s Unit of Internal Affairs (UAI, in Spanish) has issued a report on its investigation of the 2.3 million documents (hits) provided by BBVA in the Cenyt case. The report does not provide any information that had not already been made available by BBVA to the Judge and the Public Prosecutor’s Office. This confirms that not only the internal investigation ordered by BBVA was objective, rigorous and thorough, but it also shows the full cooperation with the judicial authorities in clarifying the facts, a priority set by the bank since the onset of the proceedings.
BBVA CEO Onur Genç said today that the sale of the U.S. subsidiary is a historic milestone for the bank, and that value creation will continue to be the guiding force in all decisions related to the use of the excess capital from that transaction. “We have a lot of ammunition, a lot of capital” to create value for shareholders, he added. Regarding Turkey, he said that: “We are prepared to manage the risks in emerging markets.”