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Philippa Perry trained as a psychotherapist and has been working in the field of mental health for over 20 years. In 2010, she published a graphic novel, Couch Fiction, which depicts the process of psychotherapy.
15 Mar 2024
BBVA shareholders largely backed the items on the agenda, which were subject to vote at the Annual General Meeting held on Friday. The bank’s corporate management received 98.2 percent of the votes. The AGM’s quorum stood at 71 percent, the highest in the bank’s history.
Debt issuance
BBVA issues a €1 billion senior preferred green bond, with demand exceeding three times the initial offer
BBVA tapped the market Friday with a €1 billion seven-year green senior preferred bond, maturing in March 2031. Demand exceeded more than three times the initial offer, reaching €3.3 billion. The final price was set at mid-swap plus 90 basis points, significantly below the initial pricing (mid-swap plus 120 bp). Bookrunners were BBVA, Commerzbank, HSBC, Natixis and UBS.
Video
Corporate information
Carlos Torres Vila: “BBVA’s ability to combine growth and profitability sets us apart from our competitors”
Carlos Torres Vila, Chair
- Impact on society: “In 2023, we increased our positive impact on all countries where we operate”.
- Shareholder distributions: “We are proposing to the AGM the distribution of more than €4 billion, 50 percent of the annual net attributable profit”.
- Future outlook: “In 2024, we will continue to grow profitably, creating opportunities for everyone”.
Onur Genç, CEO
- Earnings: “Our performance puts us at the top of the European banking industry in activity growth, profitability and efficiency”.
- Customer-focused: “We will continue focusing on our strategy based on innovation and digitization, which will allow us to offer a better service to our customers”.
- Team: “The excellent earnings we are presenting are the result of the work of more than 120,000 employees who are part of BBVA”.
In 2023, BBVA had great achievements financially and also in terms of value creation for all of its stakeholders. “BBVA’s ability to combine growth and profitability sets us apart from our competitors,” said Chair Carlos Torres Vila at the Annual General Meeting (AGM), held Friday in Bilbao, in northern Spain. During his speech, he predicted that following a record year for BBVA in profit and impact on society, “2024 will be even better.”
14 Mar 2024
Investment management
BBVA opens an investment advisory office in Miami to serve high net worth Latin American clients
The BBVA Group has established a new entity, BBVA Global Wealth Advisors, Inc., in Miami, Florida (USA), with the aim of serving high net-worth Latin American clients. BBVA Global Wealth Advisors joins the international wealth management service that BBVA already offers in Switzerland and Spain.
11 Mar 2024
Corporate finance
Luisa Gómez Bravo: “BBVA’s ability to combine profitability and growth is unique in the European banking sector"
Luisa Gómez Bravo has been CFO of the Group since September 2023. She recognizes that the first few months in her new role have been very intense. After all, the Finance unit is responsible for the Group’s financial planning and monitoring, for capital, for managing liquidity and structural balance sheet risks, for relations with the Group’s investors and shareholders, and many other functions. After a historic 2023 in financial terms, Gómez Bravo predicts that 2024 will be another great year for BBVA. This will be possible, she maintains, thanks to the Group’s structural strengths: leading franchises in high growth markets and a strategic focus based on the opportunities provided by innovation, digitization and sustainability. And these focal points have been the main drivers of the bank’s growth. “BBVA’s ability to combine profitability and growth is unique in the European banking sector and it sets us apart from our competitors,” she stressed.
08 Mar 2024
Commitment
BBVA makes headway toward its decarbonization targets in key industries and cuts its emissions by 24 percent in the oil and gas sector
BBVA closed 2023 reporting good progress in decarbonizing its credit portfolio. Improvements in plan delivery reached 24 percent in key sectors —such as oil and gas— for which 2030 targets were set. As of December 2023, 80% of the finance portfolio in high-emission sectors relates to clients actively managing their transition, according to the latest TCFD report published by the bank.
07 Mar 2024
Innovation
BBVA and Cisco Strengthen its Strategic Partnership to Accelerate Digital Transformation and Foster Innovation
The global financial services group Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) signs a Strategic Whole Portfolio Agreement with Cisco. The agreement gives BBVA access to Cisco’s full software portfolio, world-class technology and Customer Experience (CX) services, supporting the bank’s digitization journey. Five-year agreement enables BBVA to integrate continuous innovation into daily operations, enhancing speed, agility, and offering the latest in digital financial services.
06 Mar 2024
Climate change
Garanti BBVA launches a series of documentaries addressing the effects of climate change
SALT, Garanti BBVA’s cultural organization, is presenting ‘Is this Our Last Chance?’, a series of documentaries on the effects of climate change. It will be running at the walk-in cinema in SALT’s Beyoğlu facilities and can also be watched online at saltonline.org between February 29 and March 24.
05 Mar 2024
BBVA Technology, created by the bank in late 2023, makes the leap to Latin America. The new tech division will be headquartered in Mexico, under the brand name ‘BBVA Technology en América.’
Corporate information
BBVA places $2 billion in a senior debt issue in two tranches with three times the demand
This Tuesday, BBVA placed US$2 billion in a senior debt issue structured in two tranches: a five-year senior 'preferred' bond and an 11-year senior 'non-preferred' bond. 1,000 million dollars have been placed in each tranche, thanks to a very high demand, which has reached 6,500 million dollars, thus tripling the final amount placed. The closing price in both sections has been very competitive. The senior preferred bond has closed at T+125 basis points (compared to an initial price of T+150 basis points), while that of the 'non-preferred' senior has been fixed at T+190 basis points, below the T+215 basis points of departure.
Video
A strong performance in 2023 and forward strides in strategy driven by digitization, innovation and sustainability enabled BBVA to continue to play a key role in the transformation of the economy and create opportunities for all its stakeholders: customers, shareholders, employees and wider society.
04 Mar 2024
Video
Corporate information
Carlos Torres Vila underscores BBVA’s contribution to economic and social development in a video for shareholders
BBVA Chair Carlos Torres Vila speaks to the bank’s shareholders in this video commemorating the upcoming Annual General Meeting in Bilbao. In his message, he emphasizes BBVA’s growth in 2023 - in terms of customers, business, results and profitability. This growth has made it possible for the bank to increase its positive impact, and to continue creating opportunities for all of its stakeholders: customers, employees, shareholders and society as a whole. Furthermore, he stressed BBVA’s total distributions to shareholders, which surpassed €4 billion in 2023, or half of the bank’s earnings from the year. The BBVA Chair expects 2024 to be another great year for the bank, combining growth and profitability.
01 Mar 2024
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) filed on March 1, 2024 with the Securities and Exchange Commission BBVA´s Annual Report on Form 20-F for the year ended December 31, 2023.
The Annual Report can be found on BBVA’s Investor Relations website http://shareholdersandinvestors.bbva.com in the section dedicated to Financial information 2023.
Innovation
3rd BBVA Sustainability Forum: Private investment in clean technologies will boost the global sustainable agenda
New clean technologies, or 'cleantech,' will play a key role in the decarbonization of the economy. To make this possible, however, the private sector must make a firm commitment to the sustainable agenda, leading to decisive, long-term investment in firms that develop clean technologies. These were the points emphasized by speakers at the 3rd BBVA Sustainability Forum, which the bank held in the auditorium of Ciudad BBVA, Madrid, Spain, with a livestream feed. 'Opportunity' was a key word in almost every speech.
BBVA is to start on Monday, March 4th, a new share buyback program for €781 million, having received the necessary clearance from the European Central Bank. The buyback is part of shareholders’ regular distributions for 2023. In total, BBVA will distribute €4.01 billion (50 percent of the net attributable profit from last year) to its shareholders, including the dividend and this share buyback program.
Türkiye’s 17th Women Entrepreneur Awards, organized by Garanti BBVA alongside ‘The Ekonomist’ and the Women Entrepreneurs Association of Türkiye (KAGIDER) was recently held on February 27, 2024.
29 Feb 2024
BBVA widens its sustainable business with a global finance unit that will focus on cleantech innovation, announced BBVA Chair Carlos Torres Vila at the 3rd BBVA Sustainability Forum, held Thursday at the bank's headquarters in Madrid. The specialized team, based in New York, London and Madrid, will offer lending and advisory services.
28 Feb 2024
Frontiers of knowledge
The BBVA Foundation honors Partha Dasgupta, a pioneer in environmental economics
The BBVA Foundation Frontiers of Knowledge Awards in Economics, Finance and Management has gone to Partha Dasgupta (University of Cambridge) for his work on the interaction between economic life and the natural environment. This research gave rise to environmental economics and “provided a framework for green accounting which is now widely adopted for measuring sustainable development,” the award committee noted.
26 Feb 2024
Garanti BBVA continues to make its clients' lives easier with its digital products and services. The bank’s commercial banking clients are now able to apply for credit limits for loans online - without having to set foot in a branch thanks to Garanti BBVA's "Commercial Credit Limit Application".
23 Feb 2024
The future of the banking industry is shaped by technology and Garanti BBVA is working hard to design the banking model of the future. Garanti BBVA Technology is the bank’s latest and most disruptive initiative yet so it can continue to lead digital banking in Türkiye.
Corporate information
Garanti BBVA issues $500 million Tier 2 subordinated debt, with record demand from investors
BBVA’s Turkish unit has successfully issued a $500 million 10-year bond, with a coupon rate of 8.375 percent. The 10-year Tier 2 subordinated debt has a call option on the fifth year.
The financial institution had 34.7 percent women in leadership positions in 2023, with promotions of women surpassing those of men in all countries where the bank has a presence. BBVA has announced a new target for the next two years, aiming to reach 36.8 percent female managers.
Video
BBVA Sustainability Projects
Javier Rodríguez Soler: “There are already some decarbonization technologies that work and are profitable”
“By definition, companies need to push profits. The good news is that there are already some technologies that work and are profitable”, remarks Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA. In a recent interview with Brendan Wallace, CEO of Fifth Wall, Rodríguez Soler explains BBVA’s commitment to investing in companies that research and develop sustainable technologies that champion the decarbonization of the economy.
22 Feb 2024
Entrepreneurship & Startups
BBVA co-hosts the largest European conference on entrepreneurship and climate venture capital in Bilbao
The bank is sponsoring the fifth edition of the Energy Tech Summit, which will be held in Bilbao for the first time on April 10th and 11th, 2024.
21 Feb 2024
Financial and economic wellness
Garanti BBVA hosts students from its social and financial leadership program ‘5 Pebbles’
Students from the ‘5 Pebbles’ program visited 21 Garanti BBVA branches across Türkiye to learn firsthand about the different transactions that take place at banks. Garanti BBVA is a founding member of the Teachers Academy Foundation (ÖRAV) and has been collaborating with them to run this program since 2016.
19 Feb 2024
BBVA’s Turkish unit is launching another pioneering solution, the Bonus Platinum Biometric Card, allowing users to make payments in a secure manner by simply scanning their fingerprint. The innovative new card will be available shortly.
15 Feb 2024
The Turkish central bank recently granted Garanti BBVA an operating license for its new subsidiary, Garanti Payment and Electronic Money Service, Inc., effective February 15, 2024. The innovative new company will begin offering a selected group of customers a beta version of its digital payment solutions under the TAMİ brand in March.
Garanti BBVA CEO Recep Baştuğ has secured the top spot among finance executives and seventh place overall in the latest annual "Türkiye’s Sustainability Leaders" ranking, published by the Turkish franchise of leading business magazine Fast Company.
14 Feb 2024
Frontiers of knowledge
Frontiers Award to Voisin and Eliashberg for breaking down barriers in geometry
The BBVA Foundation Frontiers of Knowledge Award in Basic Sciences has gone to Claire Voisin (National Centre for Scientific Research, CNRS, France) and Yakov Eliashberg (Stanford University, United States) for driving forward mathematical thought by bridging the space between two key areas of geometry with special relevance to quantum physics.
07 Feb 2024
Frontiers of knowledge
The BBVA Foundation Frontiers of Knowledge award goes to the mathematician who made artificial vision possible for robots
Japanese researcher Takeo Kanade has received the BBVA Foundation Frontiers of Knowledge Award in the Information and Communication Technologies category for developing the algorithms that underlie the current capabilities of computers and robots in comprehending and interpreting visual images and scenes. His work has enabled key technologies such as self-driving vehicles, robotic surgery and facial recognition systems, and has revolutionized the broadcasting of sports events.
BBVA has been recognized yet another year in the latest edition of S&P Global’s Sustainability Yearbook. BBVA is among the top 5 percent of the world’s most sustainable banks, according to this ranking published today. The yearbook distinguishes leading sustainability companies in 62 sectors.
06 Feb 2024
Board of directors
BBVA renews its Board with the appointment of Cristina de Parias and Enrique Casanueva
BBVA’s Board of Directors is to propose the appointment of two new members, Cristina de Parias, (as external board member) and Enrique Casanueva (as independent). They both have extensive experience and expertise in banking, having held top positions in financial institutions in key markets for BBVA. Furthermore, the female representation at the Group's Board will now increase from six to seven women, of a total of 15 members (47 percent), while the number of independent members will remain a majority, at 67 percent.
Awards
BBVA wins the IFR 2023 award for the Best European Bond for the issue that reopened the CoCo market
The financial magazine International Financial Review (IFR) presented BBVA the award for the Best European Bond of 2023 for the contingent convertible (CoCo) bond issued in June of last year - the first of this kind following the collapse of Credit Suisse. The publication underscored that the step taken by BBVA was ‘crucial’ to recovering confidence in this debt market.
The CEO of BBVA Group has again claimed the top spot in the bi-annual ‘Global 50 Turkish Leaders’ list by Türkiye’s leading financial magazine Capital. The publication has taken the pulse of the business world and shared valuable insights since 1993.
Climate Action
Sustainable cooling without halocarbons, or how to help billions of people adapt to the coming heat
COP28 has ended and following intense debates and difficult consensus, we have seen considerable progress in the development of sustainable cooling. Refrigeration is not only necessary for the life of numerous households - it is essential for sectors such as food, logistics, digital technology and tourism.
02 Feb 2024
Cleantech for Iberia brings together cleantech companies, investors and policy makers to boost the potential of Spain and Portugal as a clean energy hub in the European Union.
31 Jan 2024
Conservation of biodiversity
The BBVA Foundation Frontiers of Knowledge award goes to Ceballos and Dirzo, for successfully quantifying the scale of the extinction of species brought about by human activity
The research undertaken by Mexican ecologists Gerardo Ceballos (National Autonomous University of Mexico) and Rodolfo Dirzo (Stanford University) in Latin America and Africa has shown that the current species extinction rates in many groups of organisms are much higher than throughout the preceding two million years, according to the committee of the BBVA Foundation Frontiers of Knowledge Award in Ecology and Conservation Biology.
Debt issuance
BBVA places a Tier 2 subordinated debt issue worth €1.25 billion, with demand outpacing supply by a factor of five
On Wednesday of this week, BBVA placed €1.25 billion in a 12-year Tier 2 subordinated debt issue, with a call option at seven years. The market response has been excellent, with demand reaching nearly €6 billion, five times the amount ultimately allotted. The price was set at mid swap + 240 basis points, significantly below the starting price (mid swap + 275 basis points).
30 Jan 2024
Video
In 2023 the BBVA Group added 11.1 million new customers and increased lending nearly 8 percent yoy. The bank also channeled €70 billion in sustainable business, exceeding the €200-billion mark since 2018. BBVA posted a record net attributable profit of €8.02 billion in 2023, up 22 percent yoy (+35 percent in constant euros)¹. Recurrent earnings per share rose even more, 27 percent, driven by share buybacks executed in 2023. BBVA will pay a cash dividend €0.55 per share against 2023 earnings², 28 percent more than in 2022, and will launch a new share buyback program for €781 million³. In total, BBVA will distribute more than €4 billion to its shareholders.
¹Recurrent net attributable profit growth, excluding in the comparison the net impact of the purchase of offices from Merlin in Spain in 2022 (€-201 million).
²Of this amount €0.16 per share was paid in October as an interim dividend against 2023 earnings. The additional payment of €0.39 per share is subject to the approval of the governing bodies.
³Pending approval from the governing bodies and subject to mandatory regulatory approval.
Garanti BBVA announced its 2023 earnings. The bank’s net income for the year stood at TL 86.91 billion, total assets reached TL 2.20 trillion and the loan portfolio of cash and non-cash loans was TL 1.61 trillion. Deposits remained the main source of funding, representing 73 percent of the bank’s total assets with TL 1.6 trillion. This represents an increase of 77 percent in 2023. Garanti BBVA’s capital adequacy ratio was 16.5 percent,* return on average equity (ROAE) was 44.5 percent and return on average assets (ROAA) was 4.9 percent.
25 Jan 2024
Digital banking
‘Request Payment’, the new way to request and send money, now available via Garanti BBVA Mobile Banking
Following the efforts made by the Interbank Card Center (BKM) in Türkiye to simplify payments among individual and self-employed customers, Garanti BBVA has now launched the ‘Request Payment’ feature via its mobile and online banking services.
24 Jan 2024
Frontiers of knowledge
BBVA Foundation awards the discoverers of the biological mechanisms behind protein function and their role in the origin of multiple diseases
Ulrich Hartl, Arthur Horwich, Kazutoshi Mori and Peter Walter receive the BBVA Foundation Frontiers of Knowledge Award in Biology and Biomedicine for having successfully identified the cellular machinery that drives protein folding, an key process enabling them to fulfill their biological function. Their research, which disproved the findings of Nobel laureate Christian Anfinsen, has opened the door to the development of new experimental treatments for cancer and certain neurodegenerative diseases.
Sustainable cities and communities
Garanti BBVA hosts its fourth 'Sustainable Future in Exports' meeting in Bursa, Türkiye
As part of its strategic commitment to sustainability and inclusive growth, Garanti BBVA continues to host its series of events around the theme 'Sustainable Future in Exports.' The fourth installment of the series—previously held in Istanbul, Gaziantep, and İzmir—unfolded this year in Bursa.
BBVA’s app is the main channel customers use to contact the bank. Over 75 percent of customers around the world use the app. With this level of outreach, the current challenge for BBVA entails getting customers to use the new features and do more mobile transactions. To achieve this, the bank has developed a strategy to improve the digital intensity of its customers, with which it has increased interactions on the app by 32 percent in just one year, largely driven by the financial health services.
16 Jan 2024
Carbon Footprint
Carlos Torres Vila at Davos: “We need to involve the end consumer in the energy transition”
BBVA Chair Carlos Torres Vila today advocated for "involving the end consumer in the energy transition" in order to step up decarbonization. Speaking on a panel at the Davos meeting hosted by the World Economic Forum (WEF), he called for "coherent and consistent policies" that go beyond the supply side to encourage consumers themselves to contribute to this transition.
15 Jan 2024
Video
Carlos Torres Vila
Carlos Torres Vila: “2024 will be another great year for BBVA, with greater contribution to economic and social progress”
BBVA Chair Carlos Torres Vila stressed that 2023 was good for the bank in strategic, and financial terms, and especially in terms of its contribution to society. All of this was reflected in the bank’s stock performance, and its attractive distributions to shareholders. He is once again expecting growth in banking activity in 2024 thanks to the Group’s leading franchises and its strategy focused on digitization, innovation and sustainability. Therefore, “2024 will be another great year for BBVA, with greater contribution to social and economic progress,” he said in an interview.
12 Jan 2024
Action and Investment ODS Plan
BID Invest and BBVA to finance the expansion of the Port of Montevideo
The two institutions will provide finance to boost the country's foreign trade through an expansion of the facilities at Uruguay's premier port. The total outlay comes to $340 million.
11 Jan 2024
BBVA Spark, the bank for high-growth companies, has arranged a €15 million 'Venture Debt' facility for Cabify, the Spanish mobility company, which was launched 12 years ago in Madrid and became Spain's first unicorn in 2018. The proceeds will go toward fast-tracking the execution of Cabify's strategic plan, which focuses on boosting sustainable and affordable urban mobility.
10 Jan 2024
Climate change
The BBVA Foundation awards researchers who discovered the link between greenhouse gases and rising global temperatures enclosed within the polar ice
The BBVA Foundation Frontiers of Knowledge Award in the Climate Change category has gone to five European scientists for their analysis of Antarctic and Greenland ice samples to prove the “fundamental coupling” between greenhouse gas concentrations and rising air temperatures across the planet over the past 800,000 years.
BBVA, together with Bank of America Securities and Citigroup Capital Markets, led Ecopetrol’s new issuance of corporate debt in the U.S. market in the amount of $1.85 billion. This placement consolidates BBVA’s role as one of the top financial institutions in the structuring, placement and sale of corporate bonds.
Garanti BBVA is streamlining the loan approval process for retail customers seeking vehicle finance. Utilizing the Instant Loan from Dealer (BAK) feature, customers can swiftly complete transactions with digital document approval through Garanti BBVA Mobile app, ensuring an efficient and seamless experience.
08 Jan 2024
After beginning the year with a debt issue in Mexico, BBVA returned to the wholesale markets on Monday with a 10-year senior preferred debt issue worth €1.25 billion. The issue is priced at the mid-swap + 135 basis points, significantly below the starting price (mid-swap + 160 basis points).
04 Jan 2024
BBVA is looking to spot and train the best in-house talent in the use of the large language models (LLMs) that are behind the success of the likes of ChatGPT, as it drives the exploration of projects based on generative artificial intelligence. To succeed in this task, it recently organized a DataRally, a competition in which some 440 employees tested their ability in interacting with one of these models. Impressed by the positive feedback received from participants, the bank may now apply the DataRally concept to the generative AI courses it will be running as part of its Data University in-house training program.
28 Dec 2023
More than 650 of the bank's professionals have benefited from international experience in recent years. The initiative provides clear rewards for employees, but also for the bank, since the programs foster corporate culture, train staff in strategic skills and build loyalty among in-house talent.
26 Dec 2023
BBVA Mexico manages a portfolio in excess of 50 billion pesos and now finances one out of every four automobiles in Mexico, making it the leader within the sector with a 25% market share.
The grants went to the children of micro-entrepreneur clients of Bancamía from all over the country, who will now be able to study at university thanks to the resilience, discipline, creativity and strength shown by their parents.
Shareholders are the owners of the securities issued by an enterprise that has been organized as a corporation. BBVA has more than 750,000 retail shareholders. As individual savers, they are one of the bank's key stakeholders. BBVA is firmly committed to creating value for all of them.
22 Dec 2023
BBVA´s CEO in Türkiye, Recep Baştuğ, spoke recently to national news outlet Anadolu Agency on the country’s economy, the banking industry, his own bank’s performance in 2023 and what he expects for next year.
21 Dec 2023
Economy
BBVA Mexico and Nestlé form partnership to promote the transition to sustainability for up to 1,500 agribusiness suppliers
This is the first agribusiness deal where one of the signatories refers its own suppliers to the bank as candidate borrowers.
Conservation of biodiversity
BBVA and energy firm Isagen agree to link 368 billion pesos in borrowings to sustainability targets
BBVA in Colombia has reached an agreement with Isagen to convert long-term finance of 368 billion pesos to sustainable loans linked to compliance with an environmental indicator. The index measures carbon emissions intensity in relation to energy generation as part of a pledge made by the power generation company to help preserve a more sustainable world.
Entrepreneurship & Startups
Garanti BBVA launches Partners Tech Program to support tech-based startups
Entrepreneurs with promising business ideas in data, cyber security, payment systems or sustainability may now seek support under the Garanti BBVA Partners Tech Program (https://www.garantibbvapartners.com), with applications to be received by January 31, 2024.
BBVA has completed the sale of a portfolio of secured non-performing loans (NPLs). The portfolio has a gross value of approximately €330 million. This is BBVA's second such sale in 2023.
Climate Action
BBVA unveils its interim emission reduction targets for the aviation and shipping sectors
BBVA is extending its interim emission reduction targets for 2030 to two relevant sectors, aviation and shipping, in order to move its client portfolio toward net zero emissions by 2050. These two sectors join the oil and gas, power generation, automotive, steel, cement, and coal sectors, whose emission reduction targets were published by BBVA in 2021 and 2022.
15 Dec 2023
Data is a strategic lever for BBVA, which has been working for years to make it accessible across the entire organization so that it supports every business decision. In this endeavor, Domo has become an essential tool, as Elena Alfaro, Global Head of Data and Advanced Analytics in Client Solutions at BBVA, explains in this new success story, which showcases the value of this platform in monitoring progress toward strategic objectives, spotting trends and enabling the bank to swiftly tailor products and services to customer needs.
13 Dec 2023
Garanti BBVA is in the process of installing solar panels on buildings at its Pendik Campus, on the Güneşli Service Building and on top of the bank’s ATMs. The solar energy project is part of Garanti BBVA’s commitment to fight the climate crisis and support renewable energy.
12 Dec 2023
Corporate communication
BBVA bolsters its Tax Strategy by prioritizing sustainability and good corporate governance
BBVA has updated the Group's Tax Strategy, last published in 2015. The bank thereby addresses rising interest among analysts, investors and wider society in corporate decisions with an impact on environmental, social and good governance issues. The new strategy strengthens the governance, oversight and control structure by creating a specific tax compliance body and integrating ESG criteria in tax decision-making.
Award
Garanti BBVA scoops the “Project Finance Bank of the Year” award at the 2023 Finance Awards held in Türkiye
The Bank received three awards at the Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards 2023, one of the most prestigious events to be held in the Turkish capital markets and finance industry.
09 Dec 2023
Sustainability
BBVA named Europe's most sustainable bank for the fourth year in a row in the 2023 Dow Jones Sustainability Index
For the fourth consecutive year, the Dow Jones Sustainability Index (DJSI)¹ awarded BBVA the best score in the European banking category. The DJSI, which released its new annual breakdown on December 8, 2023, is the world's leading sustainability index. A total of 27 banks from around the world won a place in this year’s ranking.
07 Dec 2023
The British magazine, which belongs to the Financial Times, has crowned BBVA as the best financial institution in Peru for its progress toward digitalization and sustainability. It also recognized BBVA as Bank of the Year in Latin America thanks to its ability to outperform its competitors, not only in Peru but throughout the wider region.
BBVA Switzerland has signed an agreement to collaborate with the blockchain company Metaco to host its digital asset custody service, a trailblazer in Europe, on the Harmonize™ platform. With this agreement, the bank is embarking on a new stage in its crypto strategy, characterized by the highest standards in security and greater agility in transactions. In addition, it opens the door to BBVA expanding its range of services in the future in order to meet the needs of its institutional clients.
06 Dec 2023
BBVA’s Turkish unit has just renewed its $415 million syndicated loan based on environmental, sustainability and governance (ESG) criteria.
05 Dec 2023
Awards
BBVA's private bank honored for second consecutive year as world's best for sustainable investment
For the second year in a row, in its announcement of the winners of its World 's Best Private Banks Awards 2024, US magazine Global Finance has named BBVA as the best private bank in the world for sustainable investment.
04 Dec 2023
BBVA is the Spanish company with the largest number of employees with the Chartered Financial Analyst (CFA) accreditation granted by the CFA Institute, the global association of investment professionals. More than 170 of the Group's employees in Europe, Mexico and other geographies hold this U.S. based accreditation. In addition, more than 50 BBVA professionals hold the Certificate in ESG Investing accreditation, also from the CFA Institute, which focuses on sustainable investment.
01 Dec 2023
Producing hydrogen from renewable energy is a key challenge on the path to decarbonization and asset managers such as Hy24 are confident that this technology will reach maturity within the decade. BBVA has invested ten million in one of Hy24’s funds, which uses its capital to finance large-scale clean hydrogen infrastructure projects. Notably, it is the world’s largest clean hydrogen fund.
30 Nov 2023
Awards
BBVA secures top spot in Global Finance's 2023 Best Digital Bank Awards for Spanish businesses
BBVA clinched the title of the best digital bank for businesses in Spain in 2023, according to Global Finance magazine, a US publication specializing in financial markets and investment banking. This recognition was part of the '2023 Best Digital Bank Awards,' where BBVA not only claimed the top spot for digital banking but also received accolades for having the premier mobile banking app for businesses in Spain and Western Europe.
Corporate information
BBVA now has 240,000 customers in Italy, just two years after launching in the country
BBVA Italy has now surpassed 240,000 customers since its launch in October 2021. The bank's strategy, based on a range of fee-free products for customers' day-to-day business (account and card) and financing and savings products at very competitive prices, is yielding results. These figures confirm that the bank is on track to achieve its year-end target of 320,000 customers.
29 Nov 2023
BBVA successfully completed the share buyback program launched on October 2, which reached €1 billion. Under the program, the bank repurchased a total of 127,532,625 shares at an average price of €7.84. The buyback has the consideration of extraordinary shareholder distribution, which means that it is in addition to BBVA's shareholder distribution policy of between 40 and 50 percent of the bank's earnings.
28 Nov 2023
Audio
As a young boy, like any child, William had his own dream: to start a school. But he was born in a place where dreams rarely came true.
NGO Aflatoun International presented the Teachers Academy Foundation (ÖRAV) the ‘Teacher Professional Development’ award for its social and financial leadership program ‘5 Pebbles,’ a project supported by Garanti BBVA. The awards ceremony took place at the 6th Global Social and Financial Skills Conference, in Utrecht, The Netherlands.
27 Nov 2023
Corporate information
Luisa Gómez Bravo (BBVA): "Sustainability has become a regular part of our dialogue with our clients"
The energy transition affects all industrial and distribution processes. However, the sustainability-related challenges faced by companies also translate into business opportunities and competitive gains, according to Luisa Gómez Bravo, Global Head of Finance at the BBVA Group. "BBVA wants to help companies that are moving steadily towards energy transition in their business models," she said during her speech at the Spain Capital Markets hosted by Bloomberg on November 23. "Sustainability has become a regular part of our dialogue with our clients.”
Economy
BBVA supports social development projects in Colombia worth 2.4 billion pesos through August
BBVA in Colombia granted 3.8 billion pesos in sustainable lending between January and August 2023, with $2.4 billion going to inclusive growth projects and $1.4 billion for climate action pursuits. These figures are already up on last year’s total figure and 66% higher than in August 2022.
As part of its efforts to further increase financing for renewable energy projects, Garanti BBVA recently announced an agreement to provide €36.1 million in financing to Galatya Energy Production Inc. for the Işıklar Wind Power Plant.
24 Nov 2023
BBVA’s Turkish franchise is strategically reinforcing its commitment to enhance customer accessibility by extending remote banking services to corporate clients.
23 Nov 2023
It is the BBVA Group’s first ever blue bond, which are securities used to finance projects geared toward ocean sustainability and the Blue Economy.
The bank received the prestigious certification thanks to its employee management strategy and policies. The Top Employer seal is a sign of the organizations’ commitment to bring about better work environments through excellence in their workforce practices and policies.
22 Nov 2023
Banking
Onur Genç: “The strength and profitability of Spanish banks is good news for the wider economy”
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.”
21 Nov 2023
Awards
BBVA, Best Private Bank in Peru and Best Private Bank for Customer Service in Latin America, according to The Banker
BBVA has earned The Banker 2023 awards for Best Private Bank in Peru and Best Private Bank for Customer Service in Latin America, while also earning the ‘Highly Commended’ special mention in the Best Private Banking in Latin America and Mexico categories. The magazine held a very positive view of the customer relationship model of BBVA’s private banking business, which is especially important amid the current market uncertainty.
Garanti BBVA has signed a further agreement with Beyçelik Elawan Renewables Renewable Energy Production Inc. to finance a series of upgrades to the Yahyali Wind Power Plant, bringing the Turkish bank’s total investment to USD 145 million.
20 Nov 2023
The financial institution will use two floors of the recently completed skyscraper, Two Manhattan West. The move of the New York workforce, which currently has 350 employees, is planned for the last quarter of 2024.
17 Nov 2023
Accenture and The New York Times have devoted the latest episode of their ‘Built For Change’ podcast to BBVA’s ongoing transformation. David Puente, global head of Client Solutions, describes a process that has been hugely successful for the BBVA app, but which is still far from over. The next big impact: artificial intelligence.
15 Nov 2023
Cleantech
BBVA joins the 'Cleantech for Iberia' initiative to boost clean technologies in Spain and Portugal
BBVA has joined the 'Cleantech for Iberia' initiative to accelerate the development of clean technologies in Spain and Portugal. The main goal is to create a global hub that establishes the Iberian Peninsula as a leader in the 'cleantech' sector. The initiative brings together funds totaling more than one billion euros.
13 Nov 2023
Economy
Onur Genç: “Looking ahead, Türkiye and Spain can work together even more closely to benefit from growth opportunities”
BBVA CEO Onur Genç delivered the closing address at a business event held on Monday by the Spanish Confederation of Business Organizations (CEOE) and the Turkish Embassy in Spain to commemorate the centenary of the Republic of Türkiye. During his speech, Genç underscored the growth potential of Spain and Türkiye, two key partners that stand to benefit from their bilateral cooperation.
08 Nov 2023
Blockchain
Alfonso Gómez (BBVA Switzerland): "Banks bring strength and security to crypto asset services.”
In 2022, more than $3.8 billion worth of cryptocurrencies were stolen. Traditional banks are therefore regaining ground to become service providers as custodians of crypto assets. This was the position advocated during the event hosted by El Confidencial by Alfonso Gómez, CEO of BBVA Switzerland. For more than two years now, BBVA Switzerland has enabled its customers to manage bitcoin, ether, and the rest of their investments from the online banking app.
Image: Alfonso Gómez, CEO of BBVA Switzerland, with Javier Molina, from El Confidencial, during a moment of his talk. /El Confidencial
BBVA was selected as one of the bookrunners for Colombia's first issue of social bonds in the international market. The debt was rated Baa2/BB+/BB+ for its inaugural offering and was denominated in US dollars with a dual-tranche format maturing in 2035 and 2053. It is an integral part of the Colombian government’s sustainable strategy, and is the first time the country has issued social bonds and only its second issue under ESG (Environmental, Social and Corporate Governance) criteria, following the placement of Green Treasury Notes in 2021, in which BBVA also acted as lead bookrunner.
BBVA is investing $25 million (€23.6 million¹) in climate fund Decarbonization Partners Fund I, which raises the bank’s total investment in climate-related funds to €108.4 million. The bank is actively contributing to the decarbonization of the economy through its participation in funds of this kind.
07 Nov 2023
BBVA's CEO Onur Genç said that "In the future, we expect economic growth in our main markets, despite the context.” He also stressed that BBVA’s digital strategy has proven successful. One example is the bank's model in Italy. "In one or two years we will consider expanding this model to one or two new markets," he said Tuesday, during his participation at the 30th Financial Sector Meeting, hosted by Spanish daily ABC and Deloitte.
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.
03 Nov 2023
Corporate finance
Grupo UNACEM closes a $345 million deal after successful syndicated financing led by BBVA
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.
Commitment
76 percent of BBVA lending portfolio to emission heavy sectors are to clients advancing in their transition
76 percent of BBVA’s lending portfolio corresponds to clients in emission heavy sectors that are making progress in their transition to net zero emissions, according to the latest update to BBVA’s sustainability strategy, published November 3rd. The document underscores how the bank promotes new businesses through sustainability.
Sustainability
Companies and individuals boost BBVA’s sustainable business mobilization in the first nine months of 2023
BBVA mobilized €15.6 billion in sustainable corporate business between January and September 2023 (up 95 percent from the same period the previous year) and €7.3 billion in retail banking (up 69 percent). Both segments have consolidated growth in the mobilization of sustainable business.
02 Nov 2023
Atom Bank, the UK’s first app based bank, has again received support from its long-term shareholders. BBVA, Toscafund and Infinity Investment Partners are participating in a new capital round of £100 million, about €115 million¹, to continue its growth in mortgages and loans to SMEs. Following this round, BBVA remains Atom’s leading shareholder.
31 Oct 2023
Corporate information
Onur Genç: "Thanks to our earnings, we can continue to make a balanced contribution to the well-being of society"
During the earnings presentation for the third quarter, BBVA’s CEO, Onur Genç, explained that these results allow the bank to make a balanced contribution to social well-being by responding to the needs of all stakeholders: employees, suppliers, shareholders, customers and society as a whole. Looking ahead to 2024, he expects the bank’s results to exceed this year’s and therefore its contribution to society will be even greater.
Video
BBVA earnings showed a positive evolution in the first nine months of 2023. The Group posted a net attributable profit of €5.96 billion, up 24.3 percent yoy (+37.9 percent at constant exchange rates). These results were driven by the strong performance in recurring revenues (NII and net fees and commissions). This trend continued in the third quarter, with a net attributable profit of €2.08 billion, up 13.4 percent yoy. Earnings per share grew even higher, up 17.8 percent, thanks to the share buyback programs already executed by the bank. BBVA has a solid capital position, with a fully-loaded CET1 ratio of 12.73 percent, and ROTE reaching 17 percent.
Corporate information
Garanti BBVA's contribution to the economy will remain robust as Türkiye enters a new century
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.
30 Oct 2023
Institutional communication
BBVA joins the celebrations marking the 100th anniversary of the Republic of Türkiye
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.
27 Oct 2023
There is a staggering $2.5 trillion global trade finance gap that mainly affects SMEs in emerging countries, limiting their ability to access new business opportunities. Helping businesses to bridge this finance gap, supply chain fintech Twinco Capital is today announcing it has secured an additional €50 million facility with BBVA Spark to accelerate growth.
26 Oct 2023
BBVA world
Garanti BBVA employees mark 100th anniversary of the Republic of Türkiye with a photographic exhibit
Garanti BBVA employees have commemorated the 100th anniversary of the Republic of Türkiye with an exhibit titled ‘One Hundred Years Ago, One Hundred Years Later: Mustafa Kemal Pasha's Path to the Republic in Photographs.’
24 Oct 2023
Climate change
BBVA calls on COP28 leaders to make ‘transformative policies’ in the fight against climate change
BBVA Chair Carlos Torres Vila, together with over 100 chairs or CEOs of large global companies, signed a declaration calling on the global leaders participating in the upcoming United Nations Climate Change Conference in Dubai (COP28) to commit to “transformative policies and actions.” “Every fraction of a degree counts in the race to net zero,” explains this open letter from the Alliance of CEO Climate Leaders promoted by the World Economic Forum (WEF).
23 Oct 2023
The protection of nature and its sustainable management is a matter of the very survival of the planet. Moreover, a growing number of financial institutions are becoming aware that this field offers a real opportunity. The deployment of long-term strategies, the role of investors and shareholders, and increasingly stringent regulation paint a brighter picture.
19 Oct 2023
BBVA has announced the creation of BBVA Technology, a new company that is to gather the experience and talent of the Group's three tech firms: BBVA Next Technologies, BBVA IT España, and Datio. The new company will have a more strategic focus while offering more career development opportunities for the bank’s tech teams.
Garanti BBVA and the Women Entrepreneurs Association of Türkiye (KAGIDER) commemorated the 100th anniversary of the Republic of Türkiye at the Women Entrepreneurs of the Year Summit.
10 Oct 2023
BBVA is the top Spanish financial institution in the ranking by the prestigious U.S. publication. The list, compiled from 170,000 employee surveys, includes the companies with the best work environment, with the most satisfied, proud employees.
09 Oct 2023
BBVA CEO Onur Genç said on Monday that he has “confidence in the sustainability of BBVA’s results in the future.” This is due to the fact that the bank has certain structural advantages that go beyond the specific market context: its strategy, leveraged in digitization, innovation and sustainability; its leading, profitable franchises; and its presence in attractive markets with potential for growth". In his opinion, “We have room to increase these earnings in the coming years,” he said at the 14th Financial Meeting organized by KPMG and Spanish business daily Expansión.
Garanti BBVA is the company where Turkish youth would most like to work in the finance sector, according to Youthall.
IBM Institute for Business Value interviews Carmela Gómez on the opportunity that embedded finance brings to banks, digital platforms and consumers. The Global Head of Open Banking at BBVA states that embedded finance means a joint transformation of the entire ecosystem, both financial and non-financial, and that for its development to materialize, "we must look at the way in which our customers rely on interacting with financial services within their digital experiences. I believe banking will soon become very different from how we know it today, that’s why we need to fund this transformation now."
02 Oct 2023
BBVA is to start today, Monday, Oct. 2, 2023, the execution of a new share buyback program for €1 billion, following the authorization from the European Central Bank (ECB). This buyback has the consideration of extraordinary shareholder distribution, and is in addition to BBVA’s dividend distributions.
28 Sep 2023
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.
27 Sep 2023
Corporate information
BBVA to pay an interim dividend of €0.16 per share, up 33 percent from a year earlier
BBVA shareholders are to receive on October 11, 2023 an interim cash dividend of €0.16 (gross) against 2023 earnings. This dividend is 33 percent higher than that of October 2022 (€0.12 per share).
26 Sep 2023
The agreement between Hochschild Mining and BBVA is a ‘Club Deal’ facility totaling $200 million in favor of the mining companies Ares and Amarillo Mineraçao do Brasil.
21 Sep 2023
Corporate information
Onur Genç underscores BBVA’s earnings, profitability and future sustainability to investors
This Wednesday, BBVA CEO Onur Genç emphasized the bank’s excellent performance in the first half of the year, and the sustainability of these metrics over time. He specifically pointed to improvement in profitability indicators, with an ROTE of 16.9 percent at the end of June 2023. “We have been delivering better than the competition - not only at the Group level, but at the country level,” he said during a conference for investors organized by Bank of America in London.
20 Sep 2023
NFTs are unique and verifiable representations of digital assets, such as works of art, music, videos, virtual collectibles and other types of digital content, based on blockchain technology to guarantee their authenticity and ownership. Over 64 percent of those who purchase NFTs do so for profitability, while 12 percent are simply collectors.