Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) filed on March 4, 2022 with the Securities and Exchange Commission BBVA's Annual Report on Form 20-F for the year ended December 31, 2021. The Annual Report can be found on BBVA’s Investor Relations website http://shareholdersandinvestors.bbva.com in the section dedicated toFinancial information 2021.
BBVA received approval from the Chilean Financial Market Commission (CMF) to open a representative office in the country's capital, Santiago de Chile. It will focus on developing and promoting the investment banking business, under the management of BBVA Corporate & Investment Banking (BBVA CIB).
BBVA has released the 2021 annual report on the remuneration of directors. For the first time the bank is applying the directors’ remuneration policy approved at the latest Annual General Meeting (AGM), which includes the best practices in the market in terms of compensation. In 2021, a year in which the bank posted its highest recurring result and the highest cash dividend per share of the past ten years, the total remuneration for the Chair and the CEO increased 5 percent and 8 percent, respectively, compared to 2019. The remuneration of 2020 is not comparable as that year both waived their full variable compensation as a gesture of responsibility during a period heavily marked by the pandemic.
The strategic alliance between the two entities has enabled the integration of Google Cloud into BBVA's technology platform. This collaboration is helping the bank reduce the time it takes to launch digital products, better detect cyber threats, make sustainability one of its core capabilities, and compete with digital fintechs.
The finalization of Basel III, post-COVID regulation, artificial intelligence and the crypto world, or international coordination in the supervision of sustainable finance are some of the trends that will mark the regulatory agenda in 2022. Santiago Fernández de Lis, Head of Regulation at BBVA, reviews the keys to financial regulation in the year that has just begun.
BBVA is the first Spanish bank to launch on the wholesale markets, with a euro-denominated senior non-preferred bond of 1 billion euros. The issue has received a high level of demand of two billion euros - double the target, with 125 orders.
The European Investment Bank Group (EIB and EIF) and BBVA are once again joining forces to support the working capital and liquidity needs of Spanish small and medium-sized enterprises affected by the COVID19 crisis, as well as to cover their investment difficulties. To this end, the European Investment Bank (EIB) and the European Investment Fund (EIF) will guarantee a junior tranche of a €120 million synthetic securitization of an SME loan portfolio originated by BBVA, enabling the Basque bank to provide more than €960 million in financing to support the investment of small and medium-sized enterprises.
Rating agency Standard & Poor’s (S&P) has raised BBVA’s rating to A from A-. The outlook is negative, mirroring the negative outlook of Spain's sovereign rating. S&P underscores BBVA’s strength and geographic diversification, the profitability of its retail banking franchise, its cautious risk management and the strength of its capital, among other factors.
At the 12th Financial Meeting organized today by Expansión and KPMG, BBVA’s CEO said that over the past year the bank has made a series of relevant strategic decisions, such as the sale of its U.S. subsidiary, the largest share buyback in Europe and the takeover bid for a 50.15 percent stake in Turkey’s Garanti BBVA. They all show that “we are very committed to shareholders’ profitability,” he added. Onur Genç also underlined the 2024 objectives that BBVA presented at its Investor Day: “Our goals are very ambitious and we are committed to achieving them.”