Banco Bilbao Vizcaya Argentaria (BBVA) is a diversified global financial group that offers retail, private and wholesale banking as well as asset management services. The bank operates through seven segments: Banking Activity in Spain, Real Estate Activity in Spain, Turkey, Rest of Eurasia, Mexico, South America and United States. Headquartered in Bilbao, Spain the company has over 135,000 employees and 68 million customers.
BBVA is committed to responsible financing of projects that could pose threats to the environment and society, as the company is a signatory to the Equator Principles and screens its credit extensions in order to manage risk. Additionally, the bank’s employee pension plan and one of its largest asset managers have signed the Principles for Responsible Investment. 14% of the total funds managed by BBVA use Sustainable and Responsible Investing (SRI) criteria. To increase access to finance, the bank has granted more than 10,000 financial aid packages to small and medium businesses and increased the participation in its Latin America BBVA Microfinance Foundation to more than 400,000 individuals. Additionally, BBVA’s financial literacy program benefitted more than four million people in a recent year. The bank has taken several measures to reduce its footprint from operations as well. In a recent year, BBVA decreased its electricity use intensity 14%, CO2 emissions intensity 16%, water use intensity 23% and paper consumption per employee 43%. The company routinely undergoes audits in order to assess its ability to handle cyberattacks and protect its customers’ information.
BBVA has been accused of overcharging customers for ATM fees and failing to pay its employees for overtime work.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 12/31/16 and may not reflect current opinions or subsequent events.