BBVA has celebrated its first ‘Values Day.’ A day to embrace and live the values of the Group: Customer comes first; We think big; We are one team. BBVA Executive chairman Francisco González and CEO Carlos Torres Vila reaffirmed these values as “the heart of a long process of transformation that the bank is spearheading at a global level.”
According to BBVA Research’s Latin America Economic Outlook report for the second quarter of 2018, the region’s positive trends of recent years are set to continue, with GDP growth forecasted at 1.4% for 2018 and 2.5% for 2019. However, BBVA’s study service has downgraded its 2018 growth forecast for the region by three tenths.
Big data and data science have become disciplines increasingly in demand in the labor market, serving as tools of great value in training the youngest professionals. With the technological future for the region looking promising, students in Latin America are increasingly engaged in training in these areas and finding out how to apply them to real life.
Economic activity in Latin America has been invigorated in recent months, in line with the recovery of confidence among families and businesses and a more favorable external context. In its Latin America Economic Outlook for first quarter 2018, BBVA Research forecasts that the region’s growth will increase from 1.1% in 2017 to 1.7% in 2018 and 2.5% in 2019.
BBVA continued leading the way to innovation in Latin America during 2017, becoming the region’s digital bank par excellence. That distinction was confirmed by Global Finance magazine, which judged BBVA’s mobile banking app to be the best in Latin America. BBVA’s local franchises in the region have set the pace in the development of products and services which, just as in the case of mobile banking, aim to make their customers’ lives easier and deliver on the Group’s intent to bring the age of opportunity to everyone.
The TCR principles are the foundation of the roadmap BBVA wants to follow to achieve its goal of becoming the leading bank in transparency, clarity and responsibility. Still, there’s a long road ahead, one that requires work on two essential levels: traditional and digital banking.
BBVA has signed the first green loan in the project finance format with the Italian energy company Terna. The funding has been structured into a loan A for 56 million dollars awarded by the Inter-American Development Bank (IDB) and a loan B for 25 million dollars entirely subscribed by BBVA, which has also headed the green structuring of the funding and acted as the Green Loan Coordinator.
The economic slowdown in Latin America will come to an end this year, with a 1.1% growth rate in the region. Forecasts by BBVA Research estimate that in 2018, the region´s economy will continue to recover, with GDP expanding at the rate of 1.8%. This is still well below its potential, which is estimated at close to 3%.
The rules of the game are changing more and more quickly. Some authors refer to this period of change as the Fourth Industrial Revolution (Klaus Schwab, Debate 2016) with “growing harmonization and integration of many different disciplines and discoveries” that affect both the physical world (autonomous vehicles, 3D printing, robotics, etc.) and the digital world (Internet of Things, blockchain, etc.).
After the positive surprise of growth in Q3 2016 (+2% y-o-y) and the developments that took place in the final months of the year, we expect GDP for 2016, which will be disclosed in May, to close at about 1.2%, finally pulling out of the stagnation of recent years, and leaving a positive momentum for 2017.
After a years of steep deterioration, Uruguay has managed to partially recover some of the ground lost after a historic fall in productivity. Despite this, a person working in Uruguay today reaches an average productivity slightly above 40% of the level they would achieve working in an advanced economy. How is this possible? What can be done? This paper sets out a potential explanation and suggests a line of action for further progress.
Since the acquisition of Credit Uruguay in 2011, BBVA has established itself as the second private financial institution in the country. In this position, our goal is to help our customers make better financial decisions, offering unique products and services for everyone. An effort our customers have recognized, making us the top bank in Uruguay in the net promoter score.
BBVA today announces the launch of the ninth edition of its Open Talent fintech competition – which this year has grown significantly to offer even more people the chance to work with a world-leading digital business.
South America’s GDP will recover in 2017 after four years of economic slowdown, while Mexico will bear the impact of the uncertainty surrounding US policies, which is likely to hinder its growth prospects. These are the key conclusions of BBVA Research’s Latin America Outlook Q1 2017 report.
Creating Opportunities is the BBVA Group’s new tagline. After a decade, ‘Adelante’ is giving way to a new tagline that fits with the bank’s new purpose: To bring the age of opportunity to everyone. In this interview, Carlos Ricardo, the BBVA Group’s Marketing Director and Brand Director Carlos Pérez Beruete explain the process that led to the new tagline. It will also be accompanied by a new image, identity, sound and value proposition. “2017 will be the year that consumers clearly see how the bank has been transforming in recent years,” they say.
BBVA has a new tagline: Creating Opportunities. The bank will start using it in February and it will be progressively introduced in all countries, all communications to customers and all of BBVA’s printed and digital materials. BBVA’s new tagline sums up the bank’s purpose, launched a few months ago: “To bring the age of opportunity to everyone”
The 2017 business year will mark a turning point for Latin American economies, with an estimate growth of 1.3% for the region as a whole, compared to a 1.3% dip in 2016. This is what emerges from BBVA Research’s 4th Quarter Latin America Outlook report. The recovery, however, will be gradual and the region will remain well below potential growth, about 3%.
The day after Thanksgiving, or the last Friday of November, is celebrated nearly all over the world as Black Friday, the day that marks the first day of Christmas shopping. Over the years, with the arrival of new technologies, sales have been extended to Monday, known as Cyber Monday when discounts are offered for online shoppers.
BBVA is committed to education in the various Latin American countries in which it operates. One good example is Uruguay, where the Bank has funded a training program for teachers at public and private schools.
The Americas receive more tourists than anywhere else in the world. Nearly 191 million people decided to travel to there last year, according the World Tourism Organization. This represented a 5% increase in international tourism, mainly boosted by the appreciation of the dollar. But before you head for the Americas, it’s important to keep in mind a few health tips.
Slow recovery of commodity prices and weak economic activity have affected tax revenue. This has lead to adjustments in government spending in many Latin American economies. Therefore, despite some recovery in commodity prices over recent months, BBVA Research has lowered its growth outlook for the region to an expected contraction of -1.1% in 2016. In its Latin America Economic Outlook report on the second quarter, BBVA Research affirms that it does expect to see 1.7% growth in 2017.
Central banks in Latin America are finding it particularly difficult to meet their target of low and stable inflation, since many countries are facing at the same time problems of high inflation (fueled by the depreciation of the exchange rate) and low economic growth.
Brazil’s economic recession may end up affecting all other Latin American countries, especially its closest neighbors: Argentina, Uruguay and Paraguay. The negative effects of this situation will be mostly felt on trade but they will also impact tourism, foreign direct investment (FDI), and fund flows, among others. However, according to BBVA Research, the general effect of Brazil’s negative circumstances is not strong enough to bring a crisis situation to other countries in the region.
Economic recovery, balancing national budgets and controlling inflation are just some of the challenges facing Latin American countries in the coming year. After a less than dynamic 2015, it is hoped that 2016 will see a return to economic growth, though this is one objective which will not be easy to achieve.
El Niño is the warm phase of the ENSO (“El Niño Southern Oscillation”), a meteorological event defined by prolonged warming in the Pacific Ocean sea surface temperatures. This year’s event is currently affecting the countries of the Latin American Pacific basin, and could be the worst since 1950, due to the impact of the climate change.