Current situation – Cenyt caseOur priority, set by the Board of Directors, has been to fully cooperate with the judicial authorities in clarifying the facts. In order to contribute to clarifying the facts, PwC was hired through our external legal counsels (Garrigues and Uría Menéndez) to carry out a forensic analysis, which is a voluntary, objective, profound and thorough investigation, that follows the standard methodology used in these types of investigations. The cooperation with the judicial authorities has translated, among other things, in the fact that BBVA has shared with the Court all the relevant documents obtained from the investigation. In the future, new lines of investigation may be opened, while judicial proceedings are underway. Additionally, we have repeatedly offered and made available to the judge all the documents and all the data gathered in case any further investigation is to be carried out by the Court. The investigation that prevails over any other initiative and the one that must clarify what happened, is the one being carried out by the Spanish High Court. Justice has its own deadlines and it’s important to let the courts do their work, and not make parallel judgments. 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. On the other hand, BBVA pleads that the entity bears no responsibility for the facts under investigation. During 2019, improvements in the corporate governance model and in the internal control model have been promoted. Additionally, certain measures affecting several employees have been adopted, following the pertinent internal procedures. Looking forward, BBVA will continue to act with full determination and diligence under the direct leadership of the Board of Directors, whose members have no connection whatsoever with the case. 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 remained stable in 2019 compared to the previous year and 2020 data show an improvement.
30 JULY 2020
During the press conference to present 2Q20 earnings, Onur Genç said that "there are no major updates vs. what we said at the March AGM” and said that “we have repeatedly offered and made available to the judge all the documents and all the data gathered in case any further investigation is to be carried out.”
13 MARCH 2020
BBVA chairman Carlos Torres Vila said at the 2020 Annual General Meeting that, “in this process our actions have always been in the best interest of the bank and our shareholders”.
9 MARCH 2020
In an interview published by Spanish daily ABC, BBVA’s Group executive chairman Carlos Torres Vila said: “It’s going to be a long process, so it’s important not to rush things. We need to let the courts do their work and not prejudge the facts.”
21 FEBRUARY 2020
BBVA reiterates its commitment to clarifying the facts and cooperating with authorities in the Cenyt case
Following the lifting of the secrecy order, BBVA wishes to reiterate the main messages regarding its actions in recent months.
21 FEBRUARY 2020
The electronic forensic investigation starts with the application of a series of keywords to people’s electronic devices that, according to the information available, are thought to have had information of interest about the facts, may have had or not participation in them (the so-called ‘custodians’).
21 FEBRUARY 2020
In an internal blog, chairman Carlos Torres Vila shared with employees, among other things, that, "Looking forward, we will continue to cooperate with the authorities, acting with full determination and diligence under the direct leadership of our Board of Directors, whose members have no connection with the case whatsoever."
20 FEBRUARY 2020
In response to a statement released by three Spanish press associations, BBVA states that it deeply respects the work of the media and their important role in society, and therefore, it rejects any practice that infringes their fundamental rights, the freedom of information and the freedom of speech
JANUARY 31, 2020
In the press conference presenting the bank’s 2019 earnings, BBVA executive chairman Carlos Torres Vila stated that the bank's priority has always been to clarify the facts and cooperate with the authorities. "We want the facts to be clarified and to that effect, what matters is the judicial investigation."
DECEMBER 11, 2019
BBVA’s legal representative Adolfo Fraguas today concluded the bank’s declaration before the Central Investigating Court number 6 of the Spanish National High Court. As he did in previous declarations, Fraguas responded extensively to all questions posed, and pleaded that the bank bears no responsibility for the facts under investigation.
NOVEMBER 20, 2019
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.
OCTOBER 31, 2019
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.
JULY 31, 2019
“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.”
JULY 29, 2019
“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.
JULY 24, 2019
“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.
JULY 22, 2019
In the first post of an internal blog, BBVA chairman Carlos Torres Vila communicates messages about the Cenyt case, among other topics, to the employees.
JUNE 17, 2019
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.”
APRIL 29, 2019
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.”
MARCH 15, 2019
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”.
FEBRUARY 1, 2019
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.
JANUARY 14, 2019
In a letter addressed to all BBVA Group’s employees, executive chairman Carlos Torres Vila affirms that his priority is to clarify the facts, and he confirms that the scope of the internal investigation has been broadened.
JANUARY 10, 2019
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.