BBVA Chairman Carlos Torres Vila and CEO Onur Genç will not collect their variable remuneration for 2020 as a gesture of responsibility in a year marked by the COVID-19 pandemic, as detailed in the annual remuneration report for BBVA directors. The decision is also a sign of their commitment to their customers, shareholders, employees and society as a whole. Additionally, the bank has updated its remuneration policy for the next three years (2021, 2022 and 2023), which will be presented for approval at the Annual General Meeting.

BBVA’s CEO was interviewed by a university publication where he did his MBA, Carnegie Mellon University (Pittsburgh, Pennsylvania, U.S.). Onur Genç shares his view of leadership and the importance of teamwork. “In my view, there are three main aspects that define good leaders: entrepreneurship, empowerment and accountability,” he says.

The sale of the U.S. subsidiary is “an extraordinary agreement” for everyone, as it “creates enormous value for shareholders and gives us a wide range of strategic options,” BBVA CEO Onur Genç said during his presentation this Wednesday at the 27th Financial Sector Meeting organized by Deloitte, Spanish daily ABC and Sociedad de Tasación. In this regard, he noted that “we will only participate in operations that create value for shareholders.” “We aren’t in a rush,” he added.

Onur Genç participated in ‘The Global Boardroom: Shaping the recovery’ forum organized by the Financial Times, where he shared his vision of the pandemic’s effect on the banking sector. The BBVA CEO pointed out that this crisis has accelerated certain dynamics, such as the digitization of banks’ business models, although this trend “was already in place.” For example, he explained that customer interactions in the bank’s app have multiplied by fivefold in the last year.

BBVA´s CEO presented this year´s third quarter results on Friday, October 30. At the press conference, Onur Genç affirmed that BBVA’s leadership in transformation has a “true competitive advantage” and reiterated the institution´s focus on organic growth. In the first nine months of 2020, “we have attracted 350,000 clients in Spain”, something that is especially relevant in the current context marked by the COVID-19 crisis. “We have shown that we can grow using digital channels in Spain,” he said.

Onur Genç, BBVA CEO:

BBVA chairman gave the opening presentation at the national meeting of regional bank directors in Mexico today. This year, the meeting took place virtually, where the chairman reaffirmed the group’s commitment to the country. “Mexico will continue to play a fundamental role in our bank’s results thanks to our leading position and the strength of our business model in the country,” he said.

Onur Genç participated this Monday in the 11th Financial Meeting, organized by KPMG and financial newspaper Expansión. In this forum, the BBVA CEO said that “our expectation is that the supervisor’s dividend restrictions will be lifted in 2021”.

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.

In an interview published by the financial newspaper Expansión, BBVA’s CEO explains what the coronavirus crisis has been like for him, and how the bank has adapted its operations to continue providing customers the same service. “It is very rewarding to see how our teams have adjusted to the challenges posed by this scenario,” he said. Onur Genç thinks the crisis is going to have a major impact on the economy and businesses, and that now is the time  “when we – the banks – need to stand by our customers more than ever before, and be part of the solution to this crisis.”

As part of his tour across all regions and business areas, BBVA CEO Onur Genç met in Madrid with the team of the bank’s wholesale banking area, Corporate & Investment Banking (CIB). Genç had the opportunity to review the priorities of the business units and wholesale banking products that comprise this area of the bank.

On February 27th and 28th, BBVA’s CEO met with the new Head of BBVA Spain, Peio Belausteguigoitia and the team in the country. Onur Genç stressed that the Spanish franchise plays a key role in contributing to the success of the BBVA Group’s six new strategic priorities.

BBVA CEO Onur Genç recently visited the U.S. operations of BBVA in a homecoming of sorts. As the President and CEO of the global financial services company’s U.S. subsidiary in 2017 and 2018, Genç is highly familiar with the bank’s U.S. operations, and the team was glad to welcome him back for a series of meetings meant to encourage the market as they begin the execution phase of the bank’s new 5-year strategic plan.

Capital Magazine ranked BBVA’s CEO at the top of its list of the 50 most influential Turkish executives working abroad. And Forbes Spain ranked Onur Genç the third best Spanish CEO of the decade for Spanish Ibex-listed companies.

Following several quarters of slowing down, the Turkish economy is starting to stabilize, and forecasts suggest a V-shaped recovery for 2020. BBVA CEO went to Turkey this week to meet with the Garanti BBVA team. Onur Genç stressed that: “Turkey was the biggest positive surprise for the Group in 2019, and 2020 will be even better.”

“We are in a climate emergency. It is currently the most pressing challenge humanity must face, and we have to be fast in taking action,” declared BBVA CEO Onur Genç, who recognized the important role sustainable finance plays in achieving the goals of the Paris Agreement. In a panel on the financial sector and sustainability at the Climate Change Conference in Madrid, BBVA’s CEO underscored the financial institution’s role in accompanying clients in this crucial environmental transition.

BBVA CEO Onur Genç stated that: “Today, more than ever, banks play an important role in addressing the sustainability challenge.” In his opinion, “Only banks can play a central role in  distributing the resources, which is a key part of the climate change challenge.” The executive made these remarks at the 15th IESE Banking Industry.

In an opinion piece published by the Spanish daily newspaper ‘ABC,’ BBVA CEO Onur Genç asserts that Spanish banks are recognized international leaders in the sector, not only because of their financial solidity and global reach, but also because they have spearheaded the transformation of the industry.

BBVA earned €1.23 billion in the third quarter, +6.1 percent yoy, excluding capital gains from the sale of BBVA Chile and this franchise’s earnings in 2018. The net attributable profit for the first nine months of 2019 reached €3.67 billion, +1.2 percent yoy (+0.5 percent in constant euros), on a comparable basis. The result was driven mainly by growth in recurring revenues and containment in operating expenses.

Onur Genç, BBVA CEO:

BBVA CEO Onur Genç said on Monday that the bank is focused on organic growth, efficiency and transactionality, all leveraged by digitization. “We are focused on these three levers to ensure we provide the best value,” he said at the 10th Expansión-KPMG Financial Meeting in Madrid. He also recalled that “we have been pioneering the digital transformation.”

BBVA Group executive chairman Carlos Torres Vila, CEO Onur Genç, and the Country Manager of BBVA Spain, Cristina de Parias met on Friday with the bank’s management team in Catalonia to discuss the challenges and opportunities this territory offers. More than 60 percent of Catalan companies are BBVA clients. The bank will continue putting the focus on connecting with its clients and customers.

Garanti BBVA appoints Recep Bastug as its new CEO, replacing Fuat Erbil. Recep Bastug also becomes the new Country Manager for BBVA in Turkey. The change is effective as of September 1st, subject to required regulatory approvals.

Between January and June 2019, BBVA Group earned €2.44 billion. In the second quarter, the net attributable profit reached €1.28 billion, up 10 percent qoq, and 6 percent yoy, excluding the sale of BBVA Chile, thus maintaining the same business perimeter (or +2.6 percent including Chile). The results were driven by a solid evolution of more recurring revenue items, with a double-digit growth of the net interest income, and lower impairments on financial assets.