trending Market Intelligence /marketintelligence/en/news-insights/trending/edAn6DzyuPKd2xgR4an61g2 content esgSubNav
In This List

Report: BBVA may drastically shrink branch network, CEO says

Blog

How Financial Institutions are Managing Exposure to U.S. Municipals

Blog

Insight Weekly: Global stock performance; hydrogen pilot projects; Powell's Fed future unsure

Blog

Top 100 Banks: Capital Ratios Show Resilience to the Pandemic

Blog

Banking Essentials Newsletter: October Edition


Report: BBVA may drastically shrink branch network, CEO says

Banco BilbaoVizcaya Argentaria SA may keep just 1,000 of its 3,800 branches inSpain, as customers move to online banking, Bloomberg News reported April 5,citing CEO Carlos Torres.

The group may ultimately close around 2,800 branches,although no concrete plan exists at present, the CEO said April 4, during aninterview at the Money20/20 Europe conference in Copenhagen.Such shrinkage would take place "over an unspecified long-term timeframe," he said.

"Fintech startups are taking away the relationship thatwe own, which was a sticky relationship associated with the branch," headded. "We need to redefine the relationship with our customers."

BBVA spends about €1 billion on IT per year, Reuters noted.