BBVA has executed its first sustainability-linked interest rate swap for the glass bottle design and manufacturing company Vidrala. The conditions of this product are tied to the company reducing its carbon footprint, and will allow it to transform variable flows into fixed flows, thus reducing the interest rate risk.
06 May 2021
BBVA USA Executive Director of Syndicated Finance Origination Cara Younger was named to American Banker’s Most Powerful Women in Banking: Next. Now in its third year, the list recognizes the accomplishments of women age 40 and under in the banking industry.
Changes to Turkey’s banking legislation herald a new stage that will see customers increasingly shifting towards digital banking. In anticipation, Garanti BBVA – the bank that spearheaded the development of online banking in the country – has digitized its entire customer onboarding process and allows banking transactions to be carried out easily, quickly and safely.
03 May 2021
BBVA USA and the Houston Rockets teamed up to send “care packages” to small businesses in the Houston area impacted by the pandemic over the past year.
30 Apr 2021
BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today net income of $385 million for the first quarter of 2021 compared to net income of $334 million in the fourth quarter of 2020 and net loss of $2.2 billion in the first quarter of 2020. Return on average assets and return on average tangible equity(1) for the first quarter of 2021 were 1.49 percent and 16.57 percent, respectively.
The BBVA Group obtained a net attributable profit of €1.21 billion in the first quarter of 2021 – a figure that shows a return to levels prior to the outbreak of the COVID pandemic. These results were achieved thanks to strong recurring revenue – despite the complex environment – and lower impairments and provisions compared to those made in the first quarter of 2020 in anticipation of the crisis. “In the first quarter of 2021, we produced positive results in an environment that continues to be very challenging. In a context of profound change in our sector, we continue to move forward in key areas of our strategy: sustainability and digital transformation,” said Onur Genç, CEO of BBVA.
Following the release of BBVA’s earnings for the first quarter of 2021, BBVA CEO underscored on Friday that the bank “continues to move forward in key areas of its strategy: digitization and sustainability.” In digital transformation, customer transactions taking place on digital channels have more than doubled in just two years. Also, in the first quarter, 69% of sales were done digitally. “I am sure that our digital edge coupled with the advisory capacity of our people will continue to make the difference,” he said.
The BBVA Group earned €1.21 billion in 1Q21, in line with quarterly earnings prior to the pandemic. In the year ago period, BBVA posted a €1.79 billion loss when it recorded a goodwill adjustment in its U.S. subsidiary and higher impairments. This quarter’s result was driven by strong recurring revenue and lower impairments and provisions than in 1Q20. Thanks to these earnings, BBVA generated 15 basis points of capital in the January-March period.
29 Apr 2021
Türkiye Garanti Bankası A.Ş., announced its financial statements dated 31 March 2021. Based on consolidated financials, the Bank’s net income in the first three months of the year were recorded as TL 2.54 billion. Asset size realized at almost TL 569 billion and the Bank’s contribution to the economy through cash and non-cash loans was arround TL 446 billion. Actively managing the funding base, deposits continued to be the main funding source; 65% of assets were funded via deposits.
In the past five years, the social call to action to build a more sustainable world has spread at great speed, according to the BBVA Research report ‘Sustainability through the Lens of Big Data’. The study underscores that while climate change is still leading the conversation, biodiversity is emerging as the concept with the greatest growth —especially in Latin America— and it is expected to be one of the pillars that will mark the sustainability debate in the short and medium term.
The Camp is the new reskilling and upskilling proposal for BBVA employees. Through an innovative training ecosystem, the bank’s workforce will be able to reinforce, update or deepen their knowledge in the skills identified as pivotal to promote the transformation and the future of the bank. All of this using gamification tools, which make it possible to design more familiar and attractive experiences for employees that increase their level of commitment during the learning process.
28 Apr 2021
EduFin Summit, the annual benchmark event on financial education organized by BBVA’s Center for Financial Education and Capability, is back after a year of absence due to the pandemic. This year’s online edition will begin on May 12 for five days during a three-week-period. Edufin Summit 2021 will address the state of financial education in the post-COVID era and the value of financial knowledge for contributing to inclusive growth, among other topics.
BBVA’s goal is to make the opportunities of this new era available to everyone. Being connected and having operational capabilities from anywhere in the world is more important than ever given the circumstances. The correspondent banking team, also known as International Financial Institutions (IFI), is a key part of this endeavor.
27 Apr 2021
The BBVA Research team has published its Economic Outlook for second quarter 2021, noting that a successful vaccination campaign, combined with low interest rates and massive fiscal stimulus, is expected to drive a strong recovery.
In honor of Financial Literacy Month, we’re recognizing four incredible BBVA USA employees who in total contributed more than 350 hours to helping customers work toward their goals of achieving financial freedom, home ownership, and more in 2020.
26 Apr 2021
Just as every year since 2012, BBVA has voluntarily released its Global Tax Contribution report. In 2020, the Group carried out an additional exercise of transparency including, for the first time ever, non-financial public information in standard GRI 207. This standard allows entities to disclose comparable information regarding their fiscal strategy, governance model and tax risk management, as well as their contribution on a per country basis. Overall, BBVA Group’s worldwide tax contribution in 2020 amounted to €8.33 billion.
BBVA will be offering recycled cards in all countries where it operates prior to the end of 2021. By 2023, the bank will no longer issue other types of cards, in line with its commitment to the responsible consumption of recycled materials, and recycling. In 2021, the financial institution will provide up to 7.3 million of these cards to its customers as part of a progressive process by segments and countries.
23 Apr 2021
Garanti BBVA has managed to achieve carbon neutrality by reducing its direct carbon dioxide (CO2) emissions to zero.
Santiago Fernández de Lis
Head of Regulation
21 Apr 2021
BBVA has been the global coordinator and sustainable co-agent of Iberdrola’s new €2.5 billion multi-currency syndicated loan. This operation, which was linked to two sustainable indicators, constitutes an industry milestone as it´s referenced to Risk Free Rates (RFR), which replace LIBOR and which will serve as a model for future financing in Spain. It’s also a unique transaction since Iberdrola has committed to donating part of its adjusted margin to sustainable projects.
Organized for the 14th time by focusing on technology, Digital Age Tech Summit under the corporate sponsorship of Garanti BBVA hosted creative names of the digital world.
BBVA has joined the Net-Zero Banking Alliance (NZBA) as one of the 43 founding members. Banks in this international alliance commit to ensuring that all of their credit and investment portfolios are neutral in net emissions of greenhouse gases by 2050, in line with science and the most ambitious targets in the Paris Agreement. In addition, the direct impact of their activities must also be neutral – something that BBVA already achieved in 2020.
BBVA and Funespaña formalized a sustainability-linked loan with KPI metrics, becoming the first case of sustainable financing in the Spanish funeral sector which will include three sustainability indicators. The seven-year financing in which the fixed interest rate that the company will pay depends on the fulfillment of three indicators, one environmental and two social. To carry out the operation the bank acted as a sustainable coordinator and Valora as a sustainable consultant.
20 Apr 2021
BBVA shareholders backed the possibility of redeeming up to 10 percent of the bank’s share capital, equivalent to 667 million shares, with 99.6 percent of the votes at the Annual General Meeting (AGM) held in Bilbao today. This item on the agenda aims to be able to implement a relevant share buyback, as means of distribution to shareholders.
The ongoing pandemic has taught us many things about ourselves, perhaps most significantly, what is most valuable and important to us. Even more, all this downtime has given us the chance to reflect on how we can direct our time and effort toward those things. That’s why BBVA spent the early part of 2020 converting its in-person financial education program to deliver virtual classes.
Carlos Torres Vila, Group Chairman
- Sustainability: Banks have a key role in “analyzing investment opportunities and managing the risks associated” to climate change
- Sale of the U.S. subsidiary: “We have an extraordinary position of strength, which gives us tremendous strategic optionality to continue creating value for shareholders”
- Dividend: “We propose to the AGM the approval of the agreements required to implement a share buyback plan of up to 10 percent of the Group’s shares once the sale of our U.S. subsidiary is closed”
Onur Genç, Chief executive officer
- Digitization: “Our focus on creating end-to-end digital solutions and processes has been key to reaching new clients, which is one of our strategic priorities”
- Capital: Following the sale of the U.S. subsidiary, BBVA will be “one of Europe’s best capitalized banks, with the largest margin between our capital position and the minimum requirement”
- Team: “We continue fostering inclusion and diversity, because we are convinced that it makes us better, as a company and as a society”
At BBVA Annual General Meeting, Carlos Torres Vila took stock of last year and unveiled a new objective in the bank´s fight against climate change. “Today, we are announcing BBVA’s commitment to becoming carbon neutral by 2050. With this commitment, we are moving the baseline scenario in the Paris Agreement forward by 20 years,” he said.
19 Apr 2021
The Shareholders’ General Meeting (also known as the Annual General Meeting or AGM) is one of a company’s primary corporate governance vehicles. During the Meeting, the company’s owners (the shareholders) ratify decisions on topics determined by law and by the corporate bylaws. The AGM includes particular features that are established by corporate law.
BBVA joins the European Clean Hydrogen Alliance, which aims to promote the extension and development of the use of green hydrogen for a carbon-neutral Europe by 2050. BBVA is the only Spanish bank in this alliance promoted by the European Commission.
16 Apr 2021
Spain’s GDP fell 10.8 percent in 2020 (practically in line with BBVA Research’s prediction of 11 percent) and could grow 5.5 percent in 2021 and seven percent in 2022, according to the latest report Spain Economic Outlook by BBVA Research. It was presented on Thursday by Jorge Sicilia, Director of BBVA Research and Chief Economist at BBVA; Rafael Doménech, the Head of Economic Analysis; and Miguel Cardoso, Chief Economist for Spain. Nevertheless, if the spread of COVID-19 continues to be limited and the government’s vaccination plans move ahead, the research service feels that there could be an upward bias for these forecasts.
In an especially hard year for the world of entrepreneurship, BBVA continued supporting entrepreneurs who create a positive social impact. The bank devoted €7.7 million euros (5 percent of the total investment in social programs) to entrepreneurship initiatives, benefitting 2.61 million entrepreneurs in 2020.
15 Apr 2021
José Luis Elechiguerra, a chemical engineer, born in Mexico and with more than 12 years of experience at BBVA, recently took on the role of the Global Head of Engineering and Organization at the BBVA Group.
Recently arrived from BBVA USA where he was in charge of the Client Solutions area, Elechiguerra has accepted the responsibility of being the technological enabler for the bank’s strategy. The way he sees it, without technology it is impossible to talk about sustainability, or helping customers make the best financial decisions, or any other objective set by the BBVA Group. His greatest challenges include consolidating the global application development platform, continuing to explore the potential of cloud computing, helping to make data available to be a smarter bank, and further developing the agile work model so that it expands across the entire organization.
All of this, while continuing to watch the major digital competitors and fintech companies in the rearview mirror – from whom he has learned that banks must be faster in responding to customers’ new demands, as Elechiguerra explains in this interview.
13 Apr 2021
BBVA Chairman Carlos Torres Vila stressed today that the energy transition poses a great opportunity because many existing activities will see enormous growth as new activities will emerge. “Spain has a competitive advantage in the energy transition,” he said. “We have the natural resource – the new oil, which is the sun and the wind,” he added during his presentation on the second day of Wake up Spain, the energy transition symposium organized by El Español, Invertia and D+I.
12 Apr 2021
The Bank Insurance & Securities Association (BISA) has reaffirmed its 2021 Board of Directors, and Veronica Rink will serve her second year of her three-year term, the association announced. In addition, Rink will continue to serve on the organization’s Membership Committee as well as other initiatives and task forces.