CW Enerji, Europe’s largest solar power system manufacturer, has signed an agreement with Garanti BBVA Leasing, one of the industry’s leading leasing companies. As part of the framework agreement, tailored financial support will be offered to clients for the installation of solar-powered electric energy stations.
06 Aug 2020
BBVA Research published its July auto sales chartbook, noting vehicle sales exceeded expectations for the quarter, resulting in an upward revision to the economists’ annual forecast. However, sales were still 33.7 percent below levels observed in 2Q2019, the worst decline since 2Q09.
The BBVA Research team published its economic analysis of the drop in gross domestic product for second quarter 2020, noting it is the steepest decline in over-the-quarter growth since 1937, in the aftermath of the Great Depression.
05 Aug 2020
In what has been a steady flow of awards from Greenwich Associates, BBVA USA was recently recognized by the financial industry research firm for its response to the COVID-19 pandemic.
In BBVA USA’s announcement regarding the opening of 15 new branches across Texas, the bank showed its commitment to weaving its groundbreaking digital capabilities into traditional face-to-face interactions, a concept that continues to be relevant in today’s banking industry.
Talking about racism and racial inequality can be uncomfortable but necessary.
04 Aug 2020
Internet sales have soared in recent months, resulting in growth in the ecommerce sector. But if new purchasing habits are to truly take root and survive in the post COVID-19 reality, businesses will have to carefully nurture the customer buying experience. Against this backdrop, artificial intelligence (AI) is not only a tool to help improve the user experience and increase customer satisfaction, it can also facilitate payment management and detect potential fraud.
03 Aug 2020
BBVA USA today announced that it is collaborating with Google to offer consumers a digital bank account through Google Pay, continuing its focus on innovation in the financial industry.
Analyst firm reports for the most part agree that BBVA presented solid numbers for the second quarter of 2020 and particularly stress the positive quarterly performance of its capital ratio.
British magazine, ‘The Banker,’ which is part of the Financial Times Group, has announced the results of its digital innovation in banking awards. BBVA emerged as the winner in both Europe and Latin America.
31 Jul 2020
As companies across the globe struggle to find a balance between protecting the health and safety of employees and maintaining an efficient and effective workforce, BBVA is using its highly visible leadership team to meet that challenge with frequent transparent updates.
BBVA USA Indirect Auto Executive Melissa Sacher was named to American Banker’s Most Powerful Women in Banking: Next. Now in its second year, the list recognizes the accomplishments of women age 40 and under in the banking industry.
Origination & Sustainable Bond Group
30 Jul 2020
BBVA’s chief executive officer presented the media with 2020’s second quarter results. Onur Genç expects the bank to “certainly beat our capital target by the end of the year,” given that in June the bank had already hit the high end of its target range. He therefore believes that “in 2021, we will return to paying dividends,” as per recommendations the supervisory authority may make.
BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today a net loss of $124 million for the second quarter of 2020 compared to earnings of $160 million in the second quarter of 2019. Included in the second quarter 2020 results is a substantial increase in provision for credit losses, well in excess of net-charge-offs, that reflects the ongoing adverse macroeconomic environment and corresponding forecasts given the COVID-19 pandemic and subsequent impact to certain segments of the loan portfolio.
The BBVA Group earned €636 million in the first half of the year – more than double the results from January through March, excluding the impact of the goodwill adjustment in the U.S. This was possible thanks to the bank’s efforts to anticipate impairments related to the COVID-19 crisis in the first quarter of the year. In a highly complex context due to the pandemic, the BBVA Group has demonstrated the strength of its profit before provisions in the second quarter of 2020, with operating income up 17.6 percent year-on-year in constant euros. “We are facing this crisis from a position of strength, thanks to the resilience of our revenues, our diversified business model and our digital capabilities. Likewise, our solid capital generation stood out during the quarter,” said BBVA CEO Onur Genç.
BBVA CEO Onur Genç explained this Thursday, following the release of the 2Q20 earnings, that “our business is adapting to the current climate better than anticipated with particularly strong results in the second quarter.” Within this context, Onur Genç stated that “we have seen a profit of €636 million, half of what we reported a year ago, but more than double if we compare it with the results announced in the first quarter of the year, excluding the goodwill adjustment.”
Thanks to the bank’s efforts to anticipate impairments related to the COVID-19 in 1Q20, BBVA earned €636 million in the second quarter, doubling the underlying profit from the first quarter. This quarterly figure is on top of extraordinary provisions of €644 million due to the pandemic. In a complex environment, BBVA has once again demonstrated the strength of its operating income, which grew 17.6 percent at constant exchange rates, and its outstanding ability to generate capital. In the first half of the year, net attributable profit excluding one-offs was €928 million (-57.8 percent yoy in constant euros). Including the U.S. goodwill adjustment –recorded in 1Q20– the bank swung to a €-1.16 billion loss between January and June.
29 Jul 2020
Turkey’s Garanti BBVA announced its financial results for the first half of the year. Based on the consolidated financials, the bank’s net income in the first six months of the year totaled TL 3.33 billion (approximately €407.61 million). Asset size reached TL 486.67 billion and the bank’s contribution to the economy through cash and non-cash loans was TL 367.14 billion. Actively managing the funding base, deposits continued to be the main source of funding, with 63 percent of assets funded through deposits. The total deposit base reached TL 306.88 billion with 11 percent growth in the first six months of the year. Preserving its strong capital position, the bank’s capital adequacy ratio stood at at 17.4 percent.* The bank’s ROAE (Return on Average Equity) was 13.1 percent and ROAA (Return on Average Assets) was 1.6 percent.
28 Jul 2020
BBVA has granted CAF Development Bank of Latin America a $200 million loan that will finance CAF’s assistance programs designed to address the social and economic effects of the COVID-19 pandemic in Latin America. The negotiation and documentation of the loan were fast tracked in order to expedite support for the region.
BBVA’s Turkish unit has been recognized as the ‘Best Retail Bank’ in the country for six consecutive years. It has also been named ‘Europe’s Best Retail Bank’ for the third time.
27 Jul 2020
BBVA is the first bank in Spain to allow zero-touch cash withdrawals from its ATMs, called ‘contactless ATMs’. This new way of accessing cash not only streamlines the process, it also provides additional protection to customers during times of pandemic.
Vestel Şirketler, a part of the Zorlu Group, is making progress in its sustainability strategy with Turkey’s first issuance of a green bond in Turkish Lira. With the issuance, the Group moves closer to fulfilling its strategy as integrated in its Smart Life 2030 initiative (Akıllı Hayat 2030).
24 Jul 2020
Many institutions and world players have spearheaded initiatives that are pursuing a common goal: to emerge from the coronavirus crisis with a sustainable and green recovery. Manifestos, letters, commitments, institutional statements, and calls to action have proliferated as the impacts of the crisis have worsened. Many of these initiatives are supported by the European Union; its leaders have approved a historic agreement to address the deep recession caused by COVID-19. It’s the era of green partnerships, and BBVA is an active participant.
Acceleration programmes, like Open Innovation from BBVA helping startups from the fintech ecosystem, are an opportunity to offer tailored support that helps entrepreneurs to refine their model, boost their growth and access investment. In the case of the BBVA programme, the project is bringing to a close nine months of workshops, mentoring and support. For the bank and entrepreneurs, the initiative has provided an opportunity to learn together.
23 Jul 2020
April 2020 marked a high point in U.S. investments in environmental, social and governance (ESG)-themed exchange-traded funds in April 2020, according to analysts with BBVA Global Market Research. Nearly $2.8 billion flowed into equity and fixed income ETFs during the month, compared to the previous record of $2.4 billion in January 2020.
22 Jul 2020
The BBVA Research team published its insights into the economic impact of possible presidential election outcomes in 2020, noting that a divided government is unlikely to make significant policy changes, resulting in a continuation of the status quo in terms of growth.
BBVA and Acerinox make history by closing the first sustainable transaction in the steel industry in Spain. The deal, a bilateral loan totaling €80 million with a maturity of five years, is intended to partially finance the Acerinox acquisition of VDM Metals.
21 Jul 2020
While the pandemic created by the novel COVID-19 develops and sends Americans down an unprecedented path, fraudsters are jumping at the chance to capitalize on that uncertainty.
20 Jul 2020
BBVA has again been honored by Javelin Strategy & Research, with the independent research firm naming the bank’s online banking service as a leader in its 2020 Online Banking Scorecard.
Many families are struggling under the economic impact of the pandemic, especially those affected by joblessness. Financial vulnerability refers to the ability of individuals or households to cope with a ‘shock’ that entails the loss of their main source of income.
17 Jul 2020
As it explores the benefits of using quantum computing in the financial sector, BBVA is following six lines of research, working hand in hand with Spain’s Senior Council for Scientific Research (CSIC), Accenture, Fujitsu, Zapata Computing, and Multiverse.
16 Jul 2020
BBVA’s Center for Financial Education and Capability’s grant program has selected the financial education research projects that will receive financing this year. One of the novelties of this edition is that seven grants will be given this year, instead of five like in previous years. A total of 40 projects from 23 countries were presented.
15 Jul 2020
In January, more than 250 leaders from across BBVA USA gathered in Houston to hear from management about the bank’s new 5-year strategic plan. Anybody in attendance will tell you it was a great meeting that generated palpable excitement about the bank’s future in the U.S.
The prestigious international magazine Euromoney named BBVA the best investment bank in Spain in 2020. The bank also received the title of the best bank in Latin America and repeated as the best bank for sustainable finance in the region. BBVA was also selected as the best bank in Argentina and Mexico.
BBVA was selected as the best bank in Latin America in 2020 by Euromoney magazine. It was also named the region’s best bank for sustainable finance for the second year in a row. The publication also recognized BBVA as the best bank in Mexico and Argentina.
14 Jul 2020
A bond is a debt instrument that companies issue in capital markets to attract financing from institutional investors (for example, investment funds). Banks also issue debt: it is a way of obtaining funds that they later use to grant loans to their clients. Along with customer deposits, issuances are, for banks, an additional source of financing to carry out their activity.
Spain’s GDP could contract 11.5 percent in 2020 and grow seven percent in 2021, according to the latest ‘Spain Economic Outlook’ report, which was presented this Tuesday by Jorge Sicilia, Chief Economist at BBVA Group and Director of BBVA Research; Rafael Doménech, BBVA Research Head of Economic Analysis; and Miguel Cardoso, BBVA Research’s Chief Economist for Spain. The contraction that is expected in 2020 represents a downgrade from the previous report’s forecast, which estimated an eight percent drop in GDP this year. The downward revision is mainly due to the fact that lockdown measures were in place longer than anticipated and these restrictions had a greater impact on demand, like in other European countries. Still, the reduction in number of COVID-19 infections and the easing of restrictions has led to a strong recovery. The ambitious policy announcements in Europe and a significant fiscal stimulus in Spain reinforces the expectation that this trend will continue. Even so, the risks continue to tilt to the downside in a climate of continued heightened uncertainty.
Garanti BBVA Leasing and Smart Energy, one Turkey’s largest solar power project developers, sign a strategic alliance to offer financing to investors interested in this sector.
13 Jul 2020
If variety is the spice of life, then consider the inaugural BBVA USA Global Wealth Advisory Council a well-seasoned collection of wealth management professionals. A council made up of sales and support professionals in the BBVA USA Global Wealth and BBVA Securities, Inc. teams, the group’s main focus in its first year has been to brainstorm and cultivate unique solutions and collaboratively recommend constructive suggestions for improvement across the board.
10 Jul 2020
A total of 15 new BBVA USA branches will open in early 2021, as announced by the bank recently, with all branches being opened in the bank’s Texas footprint. One of the biggest, and more unique, differences of these modern branches is the new Personal Banker Bar, a feature meant to replace a traditional teller line, and enhance the consumer experience.
For the second time in a week, BBVA is tapping wholesale markets with a debt issue. In this case, it is a subordinated Tier 2 bond in pound sterling, with an 11-year maturity term and a six-year early amortization option. The issue closed raising £300 million at an initial coupon rate of UKT plus a spread of 315, the reference index for this type of issuance. On July 7, BBVA successfully completed the issuance of a €1 billion bond, the first green bond ever in AT1 format by a financial institution at international level.
Head of Global Transaction Banking Europe.
Julio López Moreno
Chief Information Security Officer BBVA CIB
08 Jul 2020
BBVA has closed with Copenhagen Infrastructure Partners (CIP), one of the leading global investors in renewable energy, a green loan, long-term project financing credit facility for the investment in the Monegros portfolio of 12 onshore wind farms in Aragon, Spain. BBVA has had all significant roles, including sole bookrunner, structuring bank and green loan coordinator in this transaction amounting to a total of EUR 380m. Apart from BBVA, the final club deal group was composed of five other European banks.
07 Jul 2020
BBVA successfully launched the first-ever green contingent convertible (CoCo) bond by a financial institution, worth €1 billion. The issue was oversubscribed by almost a factor of three, and the high-quality order book drew 225 orders. Strong interest from investors allowed the company to lower the yield from its initial guidance of 6.5 percent to 6 percent.