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Report: BBVA may drastically shrink branch network, CEO says

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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.