BBVA, the best bank in Latin America according to Euromoney
BBVA was selected as the best bank in Latin America in 2020 by Euromoney magazine. It was also named the region’s best bank for sustainable finance for the second year in a row. The publication also recognized BBVA as the best bank in Mexico and Argentina.
BBVA was recognized as the best bank in Latin America in 2020 thanks to its ability to integrate digitization in the business across the region - a fact that has benefited from the brand unification process. The magazine also underscores the contribution of banks in the region to the Group’s overall results.
BBVA has had a breakthrough year in terms of the region’s importance for the bank, according to Euromoney. Louis Bowman, editor of the magazine, stresses: “Not only is its gross income up to 47.3 percent of the bank’s total, the region generated more than half of its operating income (54.9 percent) and net attributable profit (56.8 percent) – statistics that show that not only are the bank’s Latin American operations becoming bigger but it is leveraging the global bank’s profitability. The digital integration of the bank across the region also helped BBVA to rebrand its Latin American businesses last year – a reflection of the greater unity between countries.”
BBVA has made significant progress in its transformation strategy in recent years, which has translated into excellent results in its main metrics. In 2019, the acceleration of this transformation process made it possible to improve sales, as well as customer experience and loyalty. The bank’s commitment to its customers is reflected in its top position in the satisfaction index (‘Net Promoter Score’ or NPS) in all locations.
BBVA is one of Latin America's leading financial institutions, with franchises in Mexico, Argentina, Colombia, Perú, Uruguay and other countries.
Furthermore, nearly 40 percent of customers in South America regularly used mobile channels to interact with the bank - a figure that rose to 45 percent in Mexico. Digital sales represented 64 percent and 55 percent of total sales, respectively.
Best bank in sustainable finance
Euromoney also commended BBVA for launching products that contribute to the fight against climate change and promote sustainable development in Latin America. With this award, the magazine recognizes the bank for making progress in its Pledge 2025 to mobilize €100 billion to fight against climate change and support sustainable development.
Between 2018 and 2019, the bank had already allocated €30 billion through the issuing and placement of green, social and sustainable bonds for its clients; sustainable corporate loans; operations certified by the bank’s sustainable transaction banking framework; financial inclusion projects and the valuable activities of the Microfinance Foundation (FMBBVA). This organization has been recognized by the OECD as the second-largest philanthropic provider for development and received the ‘Corporate Citizen of the Americas Award 2018’ (CCA) presented by the Organization of American States’ Foundation for the Americas.
BBVA, the best bank in Mexico
The British publication also recognized BBVA as the best bank in Mexico - not only for its financial results, but for its leadership in the digital transformation. BBVA is the most efficient bank in Mexico’s financial system, with a ratio of 36.3 percent at the end of 2019. This result demonstrates BBVA’s success in its transformation and innovation process, which primarily focuses on boosting customer satisfaction and digitization.
BBVA Tower in Mexico City.
Eduardo Osuna Osuna, Vice President and Director General of BBVA Mexico, said: “Our strategic priorities will help BBVA Mexico address the challenges and will determine its success in the coming years to continue leading the future of banking in the country. As part of our efforts to stay up to date and continue constant innovation, we recently redefined our value proposition, focusing on customers’ real needs. And this is reflected in the bank’s leading position in the Net Promoter Score (NPS) as a sign of the constant efforts to stand out from our competitors.”
Advances in transformation are reflected in the number of customers who use digital channels. As of December 2019, the bank had over 10 million digital customers and more than 9.6 million mobile customers, which represent 47 percent and 45 percent of the total customer base, respectively. This is due to its unique value proposition. BBVA was the first bank in Mexico to use artificial intelligence integrated with WhatsApp technology, and in 2019, continued to innovate and incorporate new solutions on its mobile app.
BBVA, the best bank in Argentina
BBVA was also chosen by Euromoney as the best bank in Argentina in 2020. The bank’s financial results are worthy of mention, with the best evolution in equity, efficiency, asset evolution and default in the Argentine financial system. In addition, the new solutions BBVA has made available to its customers, and particularly, its progress in digital transformation were especially significant over the past year.
The bank launched a new model relationship model that allows it to offer SMEs specialized service at all branches. It has also continues to work on digital solutions like the development of a new feature that allows commercial clients to cash checks at BBVA Net Cash and BBVA Net Cash Mobile from any location, redeeming 100 percent of them and receiving the money in their account in a fully digital process.
"2019 was an unparalleled year in terms of the commitment, dedication and hard work of BBVA teams. We have reached first place in the retail and corporate NPS; 54 percent of sales were digital and over 60 percent of our customers have online activity, demonstrating our leadership in terms of the digital transformation. We also reached the customer growth indicators, raised the number of mobile customers and increased our commitment measured by the Gallup group,” indicated Marín Zarich, Country Manager of BBVA in Argentina.
BBVA office in Ushuaia, Argentina, is the Group's southernmost branch in the world.