BBVA opens the door to a restructuring of the workforce and the branch network in Spain in line with those that other large banks are undertaking during the first half of 2021. The group led by

Carlos Torres

had so far denied its intention to face a reduction extraordinary cost in this way, although it justifies that "the changing needs of the business" have forced it to study all the alternatives to accelerate its restructuring in the first half of 2021. "We have committed to developing a plan but we are working on it" , said the CEO,

Onur Genç,

without giving more details on which areas of the business would affect the adjustments.

In addition, BBVA has announced a strengthening of its dividend policy that will allow it to redistribute about 40% of its profit from 2021 and a 10% buyback of its own shares after finalizing the sale of its business in the US.

This buyback will mean an

amount of 3,000 million,

so the bank would still have another 5,000 million obtained from the sale of the subsidiary to analyze potential acquisitions of competitors, invest in internal growth in markets in which it already operates or even distribute more dividend.

For now, the entity has communicated to the CNMV the payment of a remuneration of 5 cents per share charged to 2020 in line with the recommendation to distribute a maximum of 15% of the profit made by the

European Central Bank.

The bank earned

1,305 million euros in 2020,

which represents a decline of 62.9% compared to the previous year.

Very different factors have influenced this figure, among which are the provisions made to cover the future impact of bad debts, the impairment of the book value of its business in the United States or the capital gains obtained from the sale of its non-life insurance to Allianz.

Torres, who has participated in the bank's press conference telematically after being quarantined for coronavirus, has insisted that the bank will only analyze possible acquisitions if it detects the possibility of creating value and has cleared the pressure from investors and regulators on its potential participation in a merger process.

In relation to the frustrated operation with

Sabadell

, the president of BBVA has limited himself to pointing out that the talks have concluded and has refused to enter into "speculation" about a potential reactivation of the operation.

According to the criteria of The Trust Project

Know more

  • Carlos Torres

  • Spain

  • economy

The pandemic takes 35,500 million from the value of banks and urges them to close their latest round of mergers

EconomyThe world closes borders in the face of the pandemic while protests over curfews increase

EconomyThe Chamber of Commerce and the CEV urge the Generalitat and the City Council to intervene in Feria Valencia to avoid its "bankruptcy"

See links of interest

  • Holidays 2021

  • Navalcarnero - Granada CF

  • Olympiacos - Barça

  • Alcoyano - Athletic Club

  • Tottenham Hotspur - Liverpool