Video: Francisco González: “It is important to preserve legal security”

On the occasion of his participation in the WEF meeting in Davos, Francisco González, Executive Chairman of BBVA, shared his insights into some of most pressing topics in the current economic, domestic and financial landscapes, and stated that “it is important to preserve legal security.”

Speaking to EFE news agency at the WEF meeting in Davos (Switzerland), BBVA Executive Chairman Francisco González, regarding floor clauses, said the bank “will proceed accordingly, speaking with our customers and seeking the best interest of both parties” and added that, “we are now waiting for the decree, which is pending the Spanish Supreme Court’s interpretation.” BBVA removed floor clauses in May 2013, as soon as Spain’s Supreme Court issued its ruling. Francisco González also noted that “it is important to look at the big picture and preserve legal security.” Also, BBVA’s Group Executive Chairman underscored that the Spanish mortgage system has helped “many people to gain access to property.”

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BBVA Executive Chairman also explained how technology is having a far reaching impact on the banking sector. “The number of banks will dramatically decrease. There are currently 20,000 banks – there will be much fewer. There will be a new league of competitors and BBVA will be part of this new league of competitors consisting of some traditional banks that were able to transform themselves, some online giants and some startups.” Regarding BBVA, Francisco González stated that the bank has been working in its transformation for more than ten years and that “the big winners are the customers. Therefore, it’s important we work based on the principles of prudence and integrity – with no conflicts of interest.”

The big winners are the customers. Therefore, it’s important we work based on the principles of prudence and integrity – with no conflicts of interest

Regarding Davos current agenda, BBVA’s Chairman explained that one of the most pressing topics is the impact of the fourth industrial revolution in terms of employment. Francisco González said that “every industrial revolution always produces the same effects: At first, many jobs are destroyed. Then, a significantly higher level of wealth is attained with much greater well-being across society.”  Also, BBVA’s Group Executive Chairman noted that “it’s up to the public sector to adopt measures to defend people who have been affected – but measures that do not go against progress and technology.”

Contact: Communications