Economy
Economy
BBVA has executed the largest synthetic securitisation transaction in its history, referencing a €4.5 billion corporate loan portfolio. The transaction allows the bank to release close to 80% of the initial regulatory capital associated with the portfolio, increasing its capacity to continue financing corporate clients.
BBVA held its Annual General Meeting (AGM) this Friday in Bilbao, where Chair Carlos Torres Vila underscored that the bank is “better prepared for the future than ever,” despite an uncertain and changing environment, marked by trade and geopolitical tensions. “At BBVA, we are facing this context with confidence to continue growing, supported by our geographical diversification, our unique combination of growth and profitability and a strategy clearly focused on innovation,” he added. Furthermore, he underlined that BBVA has leading franchises in its core markets, disciplined execution and the best team. “Looking to 2026 we expect to outperform our competitors while increasing profitability to levels of around 20 percent. We were pioneers in the digital transformation, with tremendous success, and once again, we are going to lead banking in the age of artificial intelligence,” the BBVA Chair said.
On Friday, March 20 at 12:00 PM (CET), BBVA will hold its 2026 Annual General Meeting (AGM) at the Euskalduna Conference Center in Bilbao, Spain. BBVA is making it easier for its shareholders to participate in the AGM by offering a hybrid model, combining in-person attendance with the option to vote on agenda items remotely. To participate remotely, shareholders need to register in advance on the Remote Attendance Portal. Furthermore, the bank’s corporate website will broadcast the event via webcast.
BBVA has appointed David Conde as Country Manager of BBVA Switzerland. Conde joined the bank 30 years ago and until now was Director of the Retail and High-Value Client Segments at BBVA Spain. This appointment is subject to the corresponding regulatory approvals.
2025 has been an outstanding year for BBVA. The Group delivered a record net attributable profit of €10.511 billion and made significant progress in the execution of its strategy, with the customer at the core. In 2025, BBVA also demonstrated its unique ability to combine growth and profitability in European banking.
BBVA successfully executed the first €1.5 billion tranche of the framework program of up to €3.96 billion, announced in December 2025¹. Together with the over €5.2 billion in dividends² the bank expects to distribute against 2025 earnings, this extraordinary buyback represents over €9.2 billion in shareholder returns announced since the end of 2025.
BBVA México acted as sole bookrunner in Traxión’s recent and successful issuance of Mexican domestic bonds for a total amount of MXN 2.0 billion, marking an important milestone for the company specialized in the autotransportation, mobility and logistics segments in Mexico.
The BBVA Foundation has awarded the Frontiers of Knowledge Award in Economics, Finance and Management to Charles Manski for his pioneering contributions to the measurement of uncertainty in economic research and its application to public policy analysis. His work has influenced the fields of education, health, labor markets, industrial policy, and social programs.
BBVA Mexico acted as Bookrunner in Grupo Bimbo, S.A.B. de C.V.’s recent long-term issuance of Certificados Bursátiles (local bonds) for a total amount of 12 billion pesos. The proceeds will be primarily allocated to debt repayment, as well as to general corporate purposes and operating expenses.
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BBVA México, acting as Joint Bookrunner, supported El Puerto de Liverpool, S.A.B. de C.V., one of Mexico’s leading retail companies, in the successful issuance of notes for a total amount of US$500 million. The transaction will bear interest at a rate of 5.750% and will mature in 2038, strengthening the company’s financial position.
BBVA’s Board of Directors is to propose to the Annual General Meeting the appointment of Jordi Montalbo Todolí as an independent board member. His academic background and professional credentials bring extensive knowledge of the financial sector, together with solid expertise in risk management and auditing.
In an interview on BBVA’s corporate website, the bank’s Chair, Carlos Torres Vila, took stock of 2025, which he described as “a magnificent year, with BBVA in its best moment,” and shared his outlook for 2026. The bank foresees continued growth in all countries and business areas, especially in sustainability and corporate banking, driven by a strategic plan that puts customers clearly at the center. BBVA also reaffirms its ambition to lead banking in the age of artificial intelligence. In this context, the Chair underlined that between 2025 and 2028, BBVA expects to “generate €49 billion in top-quality capital,” which will be used to finance organic growth and shareholder remuneration.
BBVA is to launch on December 22 an extraordinary share buyback program for a maximum amount of €3.96 billion, after obtaining all required authorizations. This is the largest buyback ever carried out by the Group. The program is part of the €36 billion that BBVA expects to make available for distribution to shareholders between 2025 and 2028¹, through both ordinary remuneration and additional distributions, such as this program.
BBVA has successfully completed its €993 million share buyback program, launched on October 31, as part of its ordinary shareholder remuneration for the 2024 financial year. The deal is part of the bank’s strategic plan, which plans to have €36 billion to be returned to shareholders through dividends and share buybacks by 2028. Of this amount, some €13 billion will be distributed in the short term¹.
On Friday, November 7, BBVA shareholders will receive a gross interim cash dividend of €0.32 per share against 2025 earnings, 10 percent higher than the previous year. This is the highest interim dividend in BBVA’s history. In total, the bank will distribute €1.84 billion in cash to its shareholders.
BBVA placed €1 billion in a contingent convertible bond (known as CoCo or AT1) in euros this Monday, with demand reaching more than €5.250 billion. The issue price was set at 5.625 percent, significantly lower than the initial price guidance of 6.125 percent.
Enterprises are one of the six major priorities in BBVA’s 2025 - 2029 strategic cycle. The bank supports all companies in every stage of their development, offering accessible solutions, tailored to their needs and reality, a global vision (presence in 25 countries) and expert advice. BBVA is much more than a financial provider: it is the strategic partner that boosts companies’ growth, combining knowledge, innovation and sustainability. From SMEs to large corporations and institutions, BBVA wants to be by their side, understand their challenges and help them overcome them with confidence.
Franco Cinquegrana is BBVA's new country manager in Uruguay, replacing Alberto Charro, who is leaving the BBVA Group after a successful career spanning more than 35 years. This change is subject to obtaining the relevant regulatory approvals.
In June, the European Commission rolled out a long‑awaited package to simplify the EU securitization framework, revive the market and safeguard financial stability. The proposal marks the first legislative step under the Savings and Investment Union (SIU) strategy, which seeks to channel European savings into capital‑market investment, giving retail savers better returns and firms new sources of finance.
Spain’s National Securities Market Commission (CNMV) has approved BBVA’s new offer for Banco Sabadell shareholders. The take-up period for Banco Sabadell shareholders began on September 8, 2025 and will end October 10, 2025. Banco Sabadell shareholders who take up the offer will receive one new BBVA share for every 4.8376 shares they tender. The new offer represents a 10 percent¹ increase over the previous offer, and is exceptionally attractive for Banco Sabadell shareholders, as it implies the highest share valuation in over a decade. BBVA will cover the costs associated with the exchange for all shareholders who accept the offer through BBVA branches or via the telephone number +34 800 080 032.
This past Wednesday, BBVA issued a 10-year senior non-preferred (SNP) green bond worth €1 billion and maturing in 2035. Demand for the bond peaked at €2.9 billion, reflecting strong investor appetite for green-labelled instruments. At the close of the issue, the price was set at mid-swap plus 108 basis points, significantly below the initial guidance of mid-swap plus 135 basis points, making it the lowest spread achieved on a 10-year SNP by a Southern European financial institution since 2021.
BBVA Research ABN AMRO Bank and BNP Paribas Fortis' Prometis Lab have launched a new global research network based on financial transaction data. This non-profit platform seeks to generate real-time, high granularity economic information from anonymized data. Its goal is to monitor the economy in a timely and detailed manner and foster more informed and useful decision-making for society.
BBVA’s Turkish franchise has successfully completed the issuance of a $500 million Tier 2 bond in the international markets. This marks the bank’s first such transaction in 2025, following a $750 million Tier 2 issue in November 2024.
Garanti BBVA has been recognized as the “Best Cash Management Bank” in Türkiye by Global Finance magazine for the second year in a row. The publication, which has been evaluating financial institutions globally for 37 years, honored the bank for its continued excellence in the cash management field.
With the slogan ‘Go Further’ as the central theme, nearly 1,600 BBVA professionals gathered in Madrid to explore the Group’s new 2025–2029 strategic plan. Officially presented in February, the teams responsible for the plan’s design and execution are now working through the details. At the opening of the event, BBVA Chair Carlos Torres Vila and CEO Onur Genç reflected on the achievements of the previous plan (2021-2024): profitable growth, over 14 million new target customers, and the early fulfillment of the sustainable business commitment, channeling €300 billion of sustainable finance one year ahead of schedule. They also conveyed their vision of the future: a competitive scenario, full of opportunity.
The BBVA Group paid a record-breaking €8.46 billion in own taxes in 2024 in the countries where it operates, 10 percent more than the previous year, according to the Total Tax Contribution Report. In addition to this figure, BBVA collected €8.98 billion in taxes from third parties for a total of €17.44 billion–the Group’s highest tax contribution thus far. This means that for every €100 of income generated by BBVA in 2024, the bank contributed €49 to public coffers in taxes¹.