MADRID | The president of BBVA, Francisco González, commented at a press conference in Seul during the inauguration of a new branch in the Korean capital, that the worst part of European debt crisis is already over. González’s statement did not go unnoticed in any of the Spanish economic newspapers.
“Francisco González pointed out that there would be no problems in the implementation of measures agreed during the meeting of European leaders that took place this past weekend.
“As I see it, the United Kingdom will return to the negotiation table and will accept the set of measures for the new Europe.
González has called on the European Central Bank (ECB) to carry out a substantial intervention so as to stabilise the markets.
“We will see how the ECB deals with bonds,”
he remarked, and at the same time he assured that prolonging the solvency aid to 36 months as the monetary organism did in its last meeting will help provide liquidity to the region.
Also, Francisco González indicated that with the new government, Spain is on the road to resolving its fiscal problems and the restructure process of the savings bank sector.
On the other hand, and according to BBVA, South Korea has become a key market in the entity’s plan for expansion in Asia. BBVA hopes that the new branch inaugurated in the Asian country, in addition to the three already present in Hong Kong, Singapore and Tokyo, will allow it to expand its client base and to incorporate Korean multinationals as well as public investors.
“BBVA started to build its franchise in Asia more than thirty years ago and today it’s present in the main financial hubs. The new Seoul branch joins BBVA branches already operating in Hong Kong, Singapore and Tokyo. BBVA also has representative offices in Taipei, Beijing, Shanghai, Mumbai and Sydney.
“Additionally, BBVA has a strategic partnership with China CITIC bank (CNBC) in mainland China, with a 15% stake, and with Hong Kong-based CITIC International Financial Holdings (CIFH), with a 30% stake. This presence allows BBVA to be the only European bank, with a leading position in Latin America, with full operational capability in Asia.”