Spain’s top five banks posted a combined net profit of 7.989 billion euros in the first half of 2015, up 48 percent from a year earlier, thanks to the improving economic situation and a decline in bad loans provisions.
MADRID | Sean Duffy | Yesterday brought positive data on the housing front and on job creation, with Spanish bank BBVA prediciting the economy will reap considerable benefits from the falling oil price.
MADRID | By Francisco López | The sale of Catalunya Banc to BBVA practically closed the restructuring of the Spanish banking system, which was launched in 2009 at the height of the crisis, and that has reduced to less than a third the number of players in the sector.
MADRID | By Jaime Santisteban | Business confidence reached an all-time high, encouraging the return of strong productive investment. Moreover, Deoleo complex process resolution, downward market trends and much more…
MADRID | The Corner Team | Three Spanish financial institutions set the example of the country’s incipient recovery just after the banking bailout program came to a clean end: Santander gained 90% more than last year; Caixabank, 118% and BBVA, 30%.
MADRID | By Julia Pastor | There are not registers or official data about the real number of mortgages affected by floor clauses, but market sources estimate 80% of the whole.
MADRID | By Iñigo Villegui at Capitalmadrid | As unrest rattles in Turkey, markets reportedly experienced their worst day in years on Monday, the lira moving into the red and government bonds suffering major losses. Brokers interested in BBVA are fearing this turmoil can harm the Spanish bank, which since 2010 has a 24.9% stake in the first Turkish bank, Garantí.
The issue was placed with qualified foreign investors, with an order book that exceeded $9 billion and with the participation of more than 400 investors.
In 2011, BBVA had the opportunity to invest more than €4 billion in Turkey by acquiring 25% of Garanti Bank, making it the biggest Spanish investor in that market.
Spain’s largest banks have built up a bigger footprint in Latin America to hedge against recession-hit European markets. Their bet is now paying off. The economies of the region are still expanding.