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Current situation – Cenyt case

Our 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.
READ STATEMENTS
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

“Our actions have always been in the best interest of the bank and its shareholders”

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

“We need to let the courts do their work and not prejudge the facts”

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.