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Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational
financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present mainly in Spain, South America,
North America North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...
, Turkey, and Romania. The bank was founded as Banco de Bilbao, on May 28, 1857, in Bilbao. BBVA's operational headquarters are located in Madrid, in the "Ciudad BBVA" complex. It is Spain's second largest bank after Banco Santander. It is listed on the Madrid Stock Exchange, the New York Stock Exchange and on the Mexican Stock Exchange. It is also a part of the IBEX 35 as well as the Dow Jones EURO STOXX 50. As of December 31, 2018, BBVA's assets amounted to around €676 billion, making it the second largest Spanish financial institution by volume of assets. At that same date, it had 7,963 offices, 125,627 employees and 74.5 million customers, and was present in more than 30 countries. 5] On April 2, 2018, it was ranked the 42nd largest bank in the world by total assets.


History in Spain


Banco de Bilbao and Banco de Vizcaya

The history of BBVA began in 1857 in Bilbao, a city located in the Basque part of northern Spain, when the Board of Trade promoted the creation of Banco de Bilbao as an issuing and discount bank. Banco de Vizcaya was founded in 1901 and carried out its first operations in Bilbao. Little by little, it spread throughout the country. In 1988, the merger agreement between Banco de Bilbao and Banco de Vizcaya was signed. And in 1989, the BBV brand was adopted.


Merger of BBV and Argentaria: Creation of BBVA

In 1991, the Spanish government of Felipe González created the public bank Argentaria, grouping in it the Spanish public banks. Subsequently, between 1993 and 1998 the process of privatization of the entity was carried out. BBV and Argentaria announced their merger project on October 19, 1999, with the aim of continuing to create value. The new bank (BBVA) was born with a significant size, a strong financial solvency and a large financial structure, an adequate geographical diversification of business and risks and, as a consequence of all this, a greater potential for profit growth.


Acquisitions of Unnim Banc and Catalunya Banc

After several years dedicated to external growth, BBVA takes advantage of the restructuring of the financial system in Spain to grow especially in Catalonia, one of the regions where it had the lowest market share. To this end, it acquired between 2012 and 2014 the two financial groups nationalized by the Government of Spain (Unnim Banc and Catalunya Banc), which grouped 6 Catalan savings banks.


Digital transformation

In 2007, the firm started an initiative to digitally transform the bank. Following implementation, it saw a 19% year-on-year increase in new customers. As of 2015, the total number of these clients stood at 14.8 million. In 2019, BBVA decides to unify its brand worldwide and introduces a new logo. This meant the disappearance of local names in Argentina (Francés), Mexico (Bancomer), Peru (Continental), and the United States (Compass). Garanti Bank, the Group’s franchise in Turkey, changed its name to Garanti BBVA. In January 2021, BBVA said that it was looking for plans to lower the costs, then in February 2021, it was reported that BBVA is planning to cut around 3000 jobs in Spain after a fall of 48% of its net profit in the fourth quarter of 2020.


Credit ratings

As of March 2022, BBVA had the following debt ratings with the four major rating agencies:


International expansion

The international presence of BBVA began in 1902, when the Banco de Bilbao opened a branch in Paris and in 1918 another in London, thus becoming the first Spanish bank with a presence abroad. In the 1970s, Banco de Bilbao, Banco de Vizcaya and Banco Exterior were configured as international groups, with the installation of operational and representative offices in the financial capitals of Europe, America and Asia. Likewise, the bank initiated a policy of expansion in America through the purchase of local banks in various countries of the continent. In 2019 the Bank changed its name to BBVA, dropping local brand names in Argentina ( Francés), Mexico ( Bancomer), Peru ( Continental), and the United States ( Compass). In addition to the rebranding, Garanti in Turkey was renamed to
Garanti BBVA Garanti BBVA (legal name Türkiye Garanti Bankası A.Ş; formerly referred to as Garanti Bank in English) is a Turkish financial services company based in Turkey. 86% of Garanti's stakes are owned by the Spanish bank Banco Bilbao Vizcaya Argent ...
.


Latin America

The Banco de Vizcaya acquired the Commercial Bank of Mayagüez in Puerto Rico in 1979, a bank founded in 1967 by a group of merchants and industrialists. When it became BBVA Puerto Rico, in 1992 it began a growth stage through acquisitions, which gave rise to BBVA Puerto Rico. In 1995, the group entered Peru, with the privatization and subsequent acquisition of Banco Continental, and in Mexico, with the purchase of Probursa, which later merged with BBVA Bancomer to form the financial group BBVA Bancomer that operates in the banking and insurance sector. In 1996, it entered
Colombia Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
, with the acquisition of Banco Ganadero and in Argentina, with the acquisition of
BBVA Francés BBVA Argentina, formerly BBVA Banco Francés, is a financial institution in Argentina. History Founded on October 14, 1886, in Buenos Aires as ''Banco Francés del Río de la Plata'' ( en, French Bank of the River Plate), it is the oldest private ...
. It also makes new acquisitions in Mexico, buying Banca Cremí and Banco de Oriente. In 1997, BBVA entered Venezuela by acquiring the Provincial Bank, which had been founded in 1953. He also expanded his presence in Argentina with the acquisition of Banco de Credito Argentino. It also enters into the pension funds business in Bolivia, founding BBVA Previsión AFP. In 1998, the bank installed in Chile after buying Banco BHIF, and AFP Provida one year later. It also enters Brazil with the purchase of Banco Excel-Econômico, and in Argentina he buys the insurer Consolidar, created in 1994. In 2000, the merger of BBV Probursa with Bancomer occurred in Mexico to create BBVA Bancomer, the first bank in the country by volume of assets. At the beginning of 2004, the Group announced the takeover bid for 100% of the shares of Bancomer that did not yet belong to BBVA, buying all the shares of the Mexican bank. In 2004 it acquires 100% of Hipotecaria Nacional, a private entity specialized in the mortgage business. In 2001, the implementation of the unified platform for all businesses and all countries was completed, and the BBVA brand was installed in the Group's entities in Latin America. In 2004, the banks of Chile (BHIF) and Colombia (Banco Ganadero) changed their commercial denomination and were simply called BBVA. In 2006, through a public auction, it acquired the old savings and housing corporation, Banco Granahorrar de Colombia, whose shares belonged to the Grancolombian group, and with the financial and economic crisis of the late 90s it passed into the hands of the state through Fogafin. Later he merged with BBVA Colombia, creating one of the largest banking groups in the country. In 2017 BBVA acquires the Mexican company Openpay, startup fintech specializing in online payments. As of July 6, 2018
Scotiabank The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada ...
Chile takes control of BBVA Chile, with which the legal trademark will be renamed as Scotiabank Azul until its full integration with Scotiabank. The total change was made in October 2018.


United States

In 2004, the Group began another line of international expansion with entry into the US market, with acquisitions of entities in the south of the country ( Sunbelt region), taking advantage of the strength of its Mexican subsidiary BBVA Bancomer. In the second quarter of the year, the Group announced the purchase of Valley Bank in California through BBVA Bancomer. In 2005, it bought the Banco Laredo (located in Texas), and in 2006 the Texas Regional Bancshares
Texas State Bank
. In 2007, BBVA acquired Alabama Compass Bank in the US, strengthening its franchise in that country. Later, BBVA unified its corporate image in the country by reorganizing its entire portfolio of brands under the name " BBVA Compass". In 2009, it acquired the Guaranty Bank in Texas, following the collapse of this entity. In 2014, BBVA acquired the US digital banking company Simple for 117 million dollars. In its push towards a digital future in 2015 acquired the California company Spring Studio, specializing in user experience and digital design. By 2018, BBVA USA was one of the 30 largest banks in the US. In 2020, BBVA USA was sold to
PNC Financial Services The PNC Financial Services Group, Inc. (stylized as PNC) is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 U.S. state, states and the D ...
for 11.6 Billion dollars.


Turkey

In 2010, the Group acquired 24.9% of the capital of Turkiye Garanti Bankasi AS, the second largest bank in Turkey, and reached an agreement with the Dogus Group - the reference shareholder of Garanti - to manage the entity jointly. Subsequently, this participation increased to 25.01%. In November 2014, BBVA acquired an additional 14.89% of the Garanti bank from Dogus Holdings for 1,988 million euros, bringing its share to 39.9% of the entity. In February 2017, it reached a new purchase agreement with Dogus to acquire 9.95% more from the Garanti bank for 859 million euros. Increasing its participation to 49.85% . On November 15, 2021, BBVA offered to purchase the remaining shares 50.15% of shares in Garanti bank. In May 2022, BBVA reaches 86% stake in Garanti BBVA.


Italy

In 2021 the bank virtually opened in Italy.


Presence on stock market indexes


IBEX 35

BBVA is included in the IBEX 35, the official index of the Spanish Continuous Market composed of the 35 most liquid stocks traded on continuous market. The BBVA has a market capitalization of 15,816 million euros (09-30-20) with a share value between 5 and 8 euros.


Eurostoxx 50

BBVA bank lists in Eurostoxx 50 along with other banks like
Santander Bank Santander Bank, N. A. (), formerly Sovereign Bank, is a wholly owned subsidiary of the Spanish Santander Group. It is based in Boston and its principal market is the northeastern United States. It has $57.5 billion in deposits, operates about ...
and Deutsche Bank.


NYSE

BBVA bank is listed on the New York Stock Exchange.


Mexican Stock Exchange

BBVA bank is listed on the Mexican Stock Exchange.


U.S. sports market presence

On 13 September 2010 BBVA became an official sponsor of the
NBA The National Basketball Association (NBA) is a professional basketball league in North America. The league is composed of 30 teams (29 in the United States and 1 in Canada) and is one of the major professional sports leagues in the United St ...
. From 2011 to 2014, BBVA sponsored the
Birmingham Bowl The Birmingham Bowl is a post-season NCAA-sanctioned Division I FBS college football bowl game played annually in Birmingham, Alabama. First held in 2006, the game is owned and operated by ESPN Events. The University of Alabama at Birmingham (UA ...
, a postseason college football game played in Birmingham, Alabama, during which time the game was known as the BBVA Compass Bowl. For the first three editions under the sponsorship contract, the game featured teams from the Big East Conference and Southeastern Conference. Following the 2013 split of the Big East along football lines, the former Big East berth was inherited by that conference's football-sponsoring offshoot, the American Athletic Conference. On 12 May 2012, BBVA Compass Stadium opened in downtown Houston, Texas. It was built as the home for the
Houston Dynamo Houston Dynamo FC (formerly officially, but still commonly, called the Houston Dynamo) is an American professional soccer club based in Houston. The Dynamo compete in Major League Soccer (MLS) as a member of the Western Conference. Establi ...
soccer Association football, more commonly known as football or soccer, is a team sport played between two teams of 11 players who primarily use their feet to propel the ball around a rectangular field called a pitch. The objective of the game is ...
team, and from its opening has also hosted the Texas Southern University
football Football is a family of team sports that involve, to varying degrees, kicking a ball to score a goal. Unqualified, the word ''football'' normally means the form of football that is the most popular where the word is used. Sports commonly c ...
team. Since
2014 File:2014 Events Collage.png, From top left, clockwise: Stocking up supplies and personal protective equipment (PPE) for the Western African Ebola virus epidemic; Citizens examining the ruins after the Chibok schoolgirls kidnapping; Bundles of wat ...
, the stadium has also hosted home games of the Houston Dash, a team in the
National Women's Soccer League The National Women's Soccer League (NWSL) is a professional women's soccer league at the top of the United States league system. It is owned by the teams and, until 2020, was under a management contract with the United States Soccer Federatio ...
that is owned and operated by the Dynamo.


Emerging and growth-leading economies (EAGLEs)

Emerging and growth-leading economies (EAGLEs) are a grouping of key emerging markets developed by BBVA Research. The EAGLE economies are expected to lead global growth in the next 10 years, and to provide important opportunities for investors.


See also

*
BBVA Rising Stars Challenge The Rising Stars Challenge is a basketball exhibition game held by the National Basketball Association (NBA) on the Friday before the annual All-Star Game as part of the All-Star Weekend. The current format to be used in 2022 includes first- an ...
NBA exhibition basketball game * BBVA Foundation Frontiers of Knowledge Award annual science and humanities award since 2009 * Big Four (Spanish banking) * List of banks in Spain


References


External links

*
BBVA Foundation
{{authority control 1999 establishments in Spain Banks established in 1999 Banks of Spain Basque companies Companies listed on the Madrid Stock Exchange IBEX 35 Multinational companies headquartered in Spain Spanish brands Organisations based in Bilbao Companies in the Euro Stoxx 50 Banks under direct supervision of the European Central Bank