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BBVA streamlines account opening requirements for non-resident companies in new countries by 70 percent

BBVA has implemented a business banking service model that speeds up the response to the financial needs of multinationals when they expand into new markets. Employing more than 2,500 specialized managers, the new "Cross-Border" model cuts the requirements for opening non-resident accounts by up to 70 percent, thus drastically shortening the time required to set up new subsidiaries. BBVA Business Banking already works with more than 120,000 subsidiaries of business groups in 14 countries.

BBVA reduce en un 70% los requisitos de apertura de cuentas de empresas no residentes en nuevos países

International expansion is a key moment in the life cycle of a company. It needs a global financial provider to help it meet the new challenges posed by cross-border operations: from applying for a line of credit for a foreign subsidiary to going public on a stock exchange outside the country of origin. To meet the needs of multinationals, BBVA Business Banking offers an end-to-end "Cross-Border" model in the 14 countries where it operates. Through this model, both the business group as a whole and each of its local subsidiaries benefit from three main drivers: streamlined processes and procedures, a large team of experts, and a wide range of technological and information solutions.

"We leverage one of our key strengths, the globality that comes from operating in 14 countries, to become the best travel companion for our clients, supporting them in their strategic decisions," explains Carlos Espejo, Global Head of Cross-Border, Corporate and Business Banking at BBVA. "Our goal is to make our clients feel like they are operating with a single global bank rather than working with different local banks in each country."

Less paperwork, more people who can help

BBVA offers its clients an exclusive "Fast-Track" process, which cuts down on the time and paperwork required to open an account for non-residents. "Hague Apostilles, sworn translations and in-person signatures are some of the usual requirements to expand to other countries, which we have managed to slim down by 70 percent with our pioneering fast-track service," says Carlos Espejo. "We have thus considerably shortened the time required for a company to complete the start-up procedures for a new subsidiary, a process that could otherwise take up to a year."

To streamline liaison between the different countries, the bank also relies on a robust network of more than 2,500 Business Banking managers, who coordinate the financial activity of more than 120,000 subsidiaries of business groups in Argentina, Belgium, Colombia, Spain, France, the Netherlands, Mexico, Peru, Portugal, the United Kingdom, Romania, Türkiye, Uruguay and Venezuela.

The network comprises three key figures: a global manager, who is the main point of contact for the business group, local managers in each of the countries in which the company is present, who work hand in hand with the global manager, and an international coordinator, who specializes in cross-border requirements. "As a powerful advocate of streamlining processes, BBVA provides the best partner for the company's needs in any country, within 24 hours," explains Carlos Espejo.

Commitment to internationalization

In an increasingly global environment, companies with a growth mindset are opting for an international bank like BBVA, where the volume of business in its Business Banking area is growing at double-digit annual rates. Its offer of financial and collateral products and services for expansion in foreign markets and its solutions to mitigate the risks arising from international business have made it one of the segments with the greatest impact on the BBVA Group's growth rate.

In recent years, as a result of this service, the bank has received recognition such as the Global Finance award for the best corporate bank of 2023, among other multiple awards for its services in Spain and Latin America.