The Cenyt Case
Current situation – Cenyt case
We reiterate our firm commitment to clarifying the facts and cooperating with the authorities.
BBVA has been providing information related to this case since its inception and it has proactively shared the information obtained from the forensic investigation, carried out by Garrigues, Uría Menéndez y PwC.
In November, BBVA testified at the Spanish National High Court, responding in detail to all the questions posed. The bank pleaded that BBVA bears no responsibility for the facts under investigation.
The proceedings remain under secrecy order, which limits the information the bank can publicly disclose on this case, given the requirement of not interfering with the judicial investigation.
In this preliminary phase of the proceedings, being declared as an investigated party does not imply that a formal accusation for any crime has been made.
As of today, BBVA has not identified any relevant or direct impact on its business, its investors or stock performance due to this situation. Additionally, the bank’s reputation has remained stable in 2019 compared to the previous year.
Adolfo Fraguas, the bank’s representative in this process and head of Legal Services at BBVA Spain, responded to all the questions posed by the judge and the prosecution, and pleaded that the bank bears no responsibility for the facts under investigation.
During 3Q19 earnings presentation, BBVA CEO Onur Genç said that reputation is not something easy to measure as it is an intangible asset. However, based on the RepTrak methodology the financial sector uses, “our reputation has remained stable” in 2019 compared to the previous year, he said.
“During BBVA 2Q19 earnings presentation, BBVA CEO Onur Genç says that “as of today, this situation has had no direct impact on our business, investors or the stock performance.”
“The judge declares BBVA under investigation. BBVA chairman Carlos Torres Vila reiterates that the bank’s priority is to clarify the facts and cooperate with the authorities.
“Following the request from Spanish Public Prosecutor’s Office’s to declare BBVA as an investigated party, BBVA chairman Carlos Torres Vila reiterates his firm commitment to clarifying the facts and complying with the law, for which the bank will continue to actively cooperate with the authorities.
During the opening of the course organized by the Spanish Association of Financial Journalists (APIE) at the Menéndez Pelayo International University in Santander, BBVA chairman Carlos Torres Vila explains that “the investigation is under secrecy order”, and therefore, “I am not permitted to comment anything about actions that are now subject to a judicial investigation.”
During BBVA 1Q19 earnings presentation, BBVA CEO Onur Genç says that “the internal investigation is underway.” He also explains that the “judicial process prevails over any other initiative.”
During his presentation at the bank’s Annual General Meeting, the BBVA executive chairman reiterates the bank’s commitment to cooperating with the authorities and says that “the legal proceedings are subject to secrecy and we are not able to reveal any information”.
During the 4Q18 earnings presentation, BBVA’s executive chairman Carlos Torres Vila asserts that the bank will act with absolute rigor and diligence. Furthermore, he explains that the internal investigation has to run its course.
BBVA says that with regards to media reports related to Grupo Cenyt, which if found to be true would be extremely serious, the bank will adopt the pertinent measures, and will continue to cooperate with the authorities.