MADRID | The newspaper El País published an interview in its Sunday edition with Francisco González, president of BBVA and “one of the bankers that travels the most around the world. Some even criticise this obsessive international concern, but it provides him with the ability to know how Spain is perceived abroad.” What are the lessons learned after four years of crisis? This has been a very severe crisis due to a…
By Tania Suárez, in Madrid | BBVA earned 34.8% less compared to last year, not such a significant figure when compared to Deutsche Bank’s (the largest bank in Germany) decrease of 76%. Despite this reduction, Sabadell and Banesto analysts recognise that the Spanish bank’s 4Q’11 results are better than expected. The only downside is the PAT, which was below the market consensus estimates (PAT:-139mn euros vs.938.53mn euros in 4Q’10 and…
According to a statement made to the Spanish regulator CMNV, BBVA will proceed to make an extraordinary adjustment to the value of its goodwill in the U.S. which will have a negative impact in the amount of €1bn (net after tax). BBVA justifies this decision on the poor long term prospects in the country, in contrast with the positive performance of the division. Banco Sabadell analysts explain that this adjustment…
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…
The financial City of Madrid expects BBVA to close the bank’s gap in core capital required by Basel III, after the group’s board approved this week an offer of mandatory convertible bonds in exchange for €3.475 billion in preferred shares. Customers who hold the preferred shares distributed by BBVA in Spain will have the opportunity to exchange these at 100% of their nominal value for mandatory convertible bonds. The new bond, with…
Spain’s banking sector rejected with some simple data at hand the domino-effect buzz renewed after Italian sovereign bonds were hit on Tuesday by a Standard&Poor’s downgrade. In fact, the only Spanish banks with Italian debt are BBVA and La Caixa. This comment comes from Ahorro Corporación Financiera analysts in Madrid: “In the early hours of the morning, ratings agency S&P reduced the rating of Italy’s sovereign debt from A +…
In a report that analyzed the fifty largest financial groups in Europe, the risk agency Standard & Poor’s (S&P) ranking highlights credit grades awarded to each of them. In the classification, the two Spanish giants BBVA and Santander appear in the top positions. El Economista informs that “They occupy third and fourth steps respectively, based on the quality of their rating.” Of course, both still face the threat of a downgrade if the…
In a report that analyzed the fifty largest financial groups in Europe, the risk agency Standard & Poor’s (S&P) ranking highlights credit grades awarded to each of them. In the classification, the two Spanish giants BBVA and Santander appear in the top positions. El Economista informs that “They occupy third and fourth steps respectively, based on the quality of their rating.” Of course, both still face the threat of a downgrade if the…
Someone even lost his temper: “If we need a bit of help with some tens of thousands of millions of euros, why not saying so? We must avoid the risk of an intervention. If a special loan could ease our internal difficulties, for instance with the financial system, let’s do it.” Finance minister Elena Salgado simply retorted to BBVA’s chairman Francisco González, whose words you just read, that such a question was…