BBVA has recognized a negative adjustment of 1,500 million dollars (about 1,348 million euros) in the value of the goodwill of its business in the US in the expectation that its results in the country will have an evolution below the previously estimated. "This adjustment is mainly due to the negative evolution of interest rates, especially after the second half of the year, and the slowdown of the economy" in the country, the entity has recognized in a relevant event referred to the National Commission of the Stock Market (CNMV).

"The negative impact on the results of the adjustment of the goodwill of that business unit is estimated at approximately US $ 1.5 billion. This impact, in the amount resulting in euros according to the exchange rate at December 31, 2019, will be reflected in the income statement of the BBVA Group's financial statements as of December 31, 2019, "specified the group chaired by Carlos Torres.

The group also notes that this accounting adjustment does not imply any cash outflow, "so it does not affect the liquidity of the BBVA Group". Nor does it affect tangible net worth, or capital, or dividend distribution capacity, or the amount of dividend payment "that it is planned to propose, for approval, to the Board of Directors."

Changes in Spain

However, this has not been the only change that BBVA has communicated this afternoon. The entity has appointed a new head of its business in Spain. This is Peio Belausteguigoitia , which will replace Cristina de Parias as head of BBVA Spain.

De Parias will leave her executive duties, although she will continue to be linked to the entity as a new director of the BBVA subsidiary in Mexico. "Cristina has done an extraordinary job at the head of BBVA Spain and Peio will continue the success story of the franchise," Onur Genç, CEO of BBVA, said in a statement published by the company.

Peio Belausteguigoitia has a degree in Law and a diploma in Economics from the University of Deusto. He joined BBVA in 1997 and has progressively assumed new responsibilities in the group, first in risks and then in business in different regions of Spain. In 2017, when he was director of the Northern Territorial, he was appointed Head of Business Development at BBVA Spain, his role so far.

His position will be taken by Gonzalo Rodríguez , who joined BBVA in 2013. In 2016, he was appointed head of digital transformation in Spain and in 2018 he went to the Client Solutions area as global head of the generation of products and solutions for banking customers retailer

In turn, Luís Simões will replace Gonzalo Rodríguez as head of Retail Customer Solutions in the Client Solutions area. Luís Simões began his career at BBVA in 1998 in Portugal and has held various functions in retail, corporate and corporate banking, with responsibility for activities in different countries in Europe besides Portugal, such as Spain, Belgium, United Kingdom and France.

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