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.
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Bankers have existed from time immemorial. Modern banking as we know it today emerged in the 20th century. However, we can say that banking goes back many years, even beyond the 15th century, when it gained special relevance because of the boom in trade. Hundreds of years have passed, but its essence remains the same.
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Over recent years open banking has become synonymous with the digitalization and transformation of the financial sector. New regulation has been one of the major drivers, starting in Europe before quickly spreading around the world.
BBVA Group executive chairman Carlos Torres Vila and BBVA CEO Onur Genç participated in a virtual Live@BBVA event with more than 65,000 connections from employees. They provided answers to questions about how BBVA is dealing with the coronavirus crisis and sent a message of hope. “Together we can ensure that the recovery is stronger,” the chairman said. “It is time to step up and make a difference,” and to do so, “ “it is essential that we all – authorities, companies and society a whole – act in a coordinated manner.”
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