BBVA’s Turkish franchise is strategically reinforcing its commitment to enhance customer accessibility by extending remote banking services to corporate clients.

Onur Genç remarked on the valuable social contribution made by the Spanish banking sector, at a recent forum organized by the Spanish Banking Association (AEB). According to BBVA’s CEO, “the strength and profitability of Spanish banks is good news for the wider economy.” Looking to the future, “the role of banks, if possible, is more important, as further investments will be needed toward the decarbonization and digitization of the economies.”

On Tuesday, BBVA placed $750 million in the first issue of Tier 2 subordinated debt that it has registered with the US SEC. The price has been set at the US Treasury rate plus 330 basis points, 5 basis points below the starting price. Demand has exceeded supply by 2.5 times. This marks BBVA’s second issue in dollars so far this year, following the placement of an AT1 issue in the same currency in September.

The funding will be used to acquire the Tehachapi integrated cement plant in California (U.S.) through its U.S. subsidiary Skanon Investments Inc. BBVA was the sole lead arranger and global coordinator in the operation, along with five other financial institutions.

BBVA’s Turkish franchise, Garanti BBVA has released its financial statements through September 30, 2023. The bank’s net income for the first nine months of the year was TL 57.6 billion, while assets stood at TL 1.97 trillion. Garanti BBVA’s support for the economy in the form of cash and non-cash loans now stands at TL 1.45 trillion.

Fernando Alonso will be the new head of the BBVA unit in Venezuela. He will replace Agustín Antón who is leaving the bank after a 36-year successful career. BBVA Provincial is the leading privately-owned bank in the country. These changes are subject to the corresponding internal authorizations and to local regulators.

On October 29,1923, the Turkish state was established as a republic following the Turkish Grand National Assembly’s approval of the constitutional amendment, which was proposed by Atatürk. Türkiye has commemorated Republic Day every October 29th since then, with Northern Cyprus and international delegations and dignitaries participating in the celebrations.

Garanti BBVA is the company where Turkish youth would most like to work in the finance sector, according to Youthall.

Work-life balance measures, the working environment, development and training opportunities were all decisive factors in making BBVA the most attractive company to work for in the Spanish financial industry, according to the Randstad Employer Brand Research survey. The study was conducted by an independent entity among some 163,000 respondents —more than 7,100 within Spain— to understand the main reasons why someone would look to pursue a career at a given company rather than another.

BBVA today placed $1 billion in an AT1 contingent convertible (CoCo) bond on the US market. The bond has a 6-year redemption option. The interest rate has been set at 9.375%, below the exit rate of 9.625%. Demand has tripled the initial offering, reaching $3.4 billion. This is BBVA’s second CoCo bond issue so far this year.