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Edufin Summit 2017

Edufin Summit 2017

Access to financial services and the digital divide were two of the main issues addressed during the second session of the 2021 EduFin Summit. The experts who participated in this session agreed that the pandemic has accelerated financial digitization in everyday life, and stressed the need to improve the level of financial education in order to access digital products and services that support inclusion and financial health.

Public and private issuers and investors came together at the 10th edition of BBVA’s Latin America Conference, a forum where they were able to identify business opportunities and share their vision of economic development, the social and geopolitical impact of COVID-19 and the ESG outlook in the region. This annual event, which was held virtually, had record-breaking attendance with nearly 1,000 professionals from over 400 institutions and 39 countries.

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JAMES LANG

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James M. Lang is a Professor of English and the Director of the D’Amour Center for Teaching Excellence at Assumption College in Worcester, MA. He is the author of six books, the most recent of which are Distracted: Why Students Can’t Focus and What You Can Do About It, Small Teaching: Everyday Lessons from the Science of Learning, Cheating Lessons: Learning from Academic Dishonesty, and On Course: A Week-by-Week Guide to Your First Semester of College Teaching.

BBVA Group Chairman Carlos Torres Vila stressed during his presentation at the opening session of the 2021 EduFin Summit the importance of financial education, which he considers “essential to promote a sustainable and inclusive growth.” Also participating in the event was Bank of Spain’s Deputy Governor Margarita Delgado, who underlined the importance of education to foster change toward a more sustainable world.

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In 2020, BBVA allocated €79.1 million (55.6 percent of its total investment in social programs) to initiatives in support of education, knowledge and culture, benefiting 5.6 million people. In addition, over 2.2 million users accessed the content on education, science, culture and economics, which was provided by the bank through the digital platforms for its initiatives and programs. The BBVA Foundation and its activities also benefited 3.5 million people.

Changes to Turkey’s banking legislation herald a new stage that will see customers increasingly shifting towards digital banking. In anticipation, Garanti BBVA – the bank that spearheaded the development of online banking in the country – has digitized its entire customer onboarding process and allows banking transactions to be carried out easily, quickly and safely.

BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today net income of $385 million for the first quarter of 2021 compared to net income of $334 million in the fourth quarter of 2020 and net loss of $2.2 billion in the first quarter of 2020.  Return on average assets and return on average tangible equity(1) for the first quarter of 2021 were 1.49 percent and 16.57 percent, respectively.

The BBVA Group obtained a net attributable profit of €1.21 billion in the first quarter of 2021 – a figure that shows a return to levels prior to the outbreak of the COVID pandemic. These results were achieved thanks to strong recurring revenue – despite the complex environment – and lower impairments and provisions compared to those made in the first quarter of 2020 in anticipation of the crisis. “In the first quarter of 2021, we produced positive results in an environment that continues to be very challenging. In a context of profound change in our sector, we continue to move forward in key areas of our strategy: sustainability and digital transformation,” said Onur Genç, CEO of BBVA.

BBVA-resultados-1T2021

The BBVA Group earned €1.21 billion in 1Q21, in line with quarterly earnings prior to the pandemic. In the year ago period, BBVA posted a €1.79 billion loss when it recorded a goodwill adjustment in its U.S. subsidiary and higher impairments. This quarter’s result was driven by strong recurring revenue and lower impairments and provisions than in 1Q20. Thanks to these earnings, BBVA generated 15 basis points of capital in the January-March period.

Türkiye Garanti Bankası A.Ş., announced its financial statements dated 31 March 2021. Based on consolidated financials, the Bank’s net income in the first three months of the year were recorded as TL 2.54 billion. Asset size realized at almost TL 569 billion and the Bank’s contribution to the economy through cash and non-cash loans was arround TL 446 billion. Actively managing the funding base, deposits continued to be the main funding source; 65% of assets were funded via deposits.

In the past five years, the social call to action to build a more sustainable world has spread at great speed, according to the BBVA Research report ‘Sustainability through the Lens of Big Data’. The study underscores that while climate change is still leading the conversation, biodiversity is emerging as the concept with the greatest growth —especially in Latin America— and it is expected to be one of the pillars that will mark the sustainability debate in the short and medium term.

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The Camp is the new reskilling and upskilling proposal for BBVA employees. Through an innovative training ecosystem, the bank’s workforce will be able to reinforce, update or deepen their knowledge in the skills identified as pivotal to promote the transformation and the future of the bank. All of this using gamification tools, which make it possible to design more familiar and attractive experiences for employees that increase their level of commitment during the learning process.

EduFin Summit, the annual benchmark event on financial education organized by BBVA’s Center for Financial Education and Capability, is back after a year of absence due to the pandemic. This year’s online edition will begin on May 12 for five days during a three-week-period. Edufin Summit 2021 will address the state of financial education in the post-COVID era and the value of financial knowledge for contributing to inclusive growth, among other topics.

BBVA’s goal is to make the opportunities of this new era available to everyone. Being connected and having operational capabilities from anywhere in the world is more important than ever given the circumstances. The correspondent banking team, also known as International Financial Institutions (IFI), is a key part of this endeavor.

Just as every year since 2012, BBVA has voluntarily released its Global Tax Contribution report. In 2020, the Group carried out an additional exercise of transparency including, for the first time ever, non-financial public information in standard GRI 207. This standard allows entities to disclose comparable information regarding their fiscal strategy, governance model and tax risk management, as well as their contribution on a per country basis. Overall, BBVA Group’s worldwide tax contribution in 2020 amounted to €8.33 billion.

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BBVA will be offering recycled cards in all countries where it operates prior to the end of 2021. By 2023, the bank will no longer issue other types of cards, in line with its commitment to the responsible consumption of recycled materials, and recycling. In 2021, the financial institution will provide up to 7.3 million of these cards to its customers as part of a progressive process by segments and countries.

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BBVA has been the global coordinator and sustainable co-agent of Iberdrola’s new  €2.5 billion multi-currency syndicated loan. This operation, which was linked to two sustainable indicators, constitutes an industry milestone as it´s referenced to Risk Free Rates (RFR), which replace LIBOR and which will serve as a model for future financing in Spain. It’s also a unique transaction since Iberdrola has committed to donating part of its adjusted margin to sustainable projects.

BBVA has joined the Net-Zero Banking Alliance (NZBA) as one of the 43 founding members. Banks in this international alliance commit to ensuring that all of their credit and investment portfolios are neutral in net emissions of greenhouse gases by 2050, in line with science and the most ambitious targets in the Paris Agreement. In addition, the direct impact of their activities must also be neutral – something that BBVA already achieved in 2020.

BBVA and Funespaña formalized a sustainability-linked loan with KPI metrics, becoming the first case of sustainable financing in the Spanish funeral sector which will include three sustainability indicators. The seven-year financing in which the fixed interest rate that the company will pay depends on the fulfillment of three indicators, one environmental and two social. To carry out the operation the bank acted as a sustainable coordinator and Valora as a sustainable consultant.

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Carlos Torres Vila, Group Chairman

  • Sustainability: Banks have a key role in “analyzing investment opportunities and managing the risks associated” to climate change
  • Sale of the U.S. subsidiary: “We have an extraordinary position of strength, which gives us tremendous strategic optionality to continue creating value for shareholders”
  • Dividend: “We propose to the AGM the approval of the agreements required to implement a share buyback plan of up to 10 percent of the Group’s shares once the sale of our U.S. subsidiary is closed”

Onur Genç, Chief executive officer

  • Digitization: “Our focus on creating end-to-end digital solutions and processes has been key to reaching new clients, which is one of our strategic priorities”
  • Capital: Following the sale of the U.S. subsidiary, BBVA will be “one of Europe’s best capitalized banks, with the largest margin between our capital position and the minimum requirement”
  • Team: “We continue fostering inclusion and diversity, because we are convinced that it makes us better, as a company and as a society”

The Shareholders’ General Meeting (also known as the Annual General Meeting or AGM) is one of a company’s primary corporate governance vehicles. During the Meeting, the company’s owners (the shareholders) ratify decisions on topics determined by law and by the corporate bylaws. The AGM includes particular features that are established by corporate law.