The US magazine also proclaimed BBVA the best bank in Mexico, Colombia and Argentina, three key markets for the Group in Latin America.
LatinFinance, a leading publication in Latin America, has singled out BBVA as the region’s best bank at its ‘Bank of the Year 2024’ awards recently held in Asunción, Paraguay. BBVA scooped a total of five awards, including ‘Best Bank’ in Mexico, Colombia and Argentina, as well as a special accolade for BBVA Mexico as ‘Best Bank for SMEs.’
For Jorge Sáenz-Azcúnaga, Global Head of Country Monitoring at BBVA, these awards “are a testament to the Group’s commitment to Latin America, a region in which we’ve been operating for more than 30 years in markets such as Mexico, Colombia and Argentina. We have always been a long-term investor in Latin America and this has allowed us to build leading franchises in the biggest markets and thus support the growth of the Latin American business community, as well as households and families,” he explained. He also remarked that this year, based on figures through August 2024, BBVA has helped almost 83,000 Latin American families buy their homes, while more than 430,000 SMEs and entrepreneurs have received business loans and around 19,000 large companies have obtained funding to undertake their projects.
The US publication pointed to the Group’s activity in innovation and digitization across the region, which has benefited from the Group’s global solutions and its unrivaled ability to adapt and tailor its products and services with great speed. Prime examples include the expansion of subsidiary company BBVA Technology to Latin America, the setting up of a cybersecurity center in Mexico, and the growing deployment of payment solutions. “Looking ahead, we will continue to develop digital platforms and payment systems (Plin, Openpay, Powerpay, etc.) to take the customer experience to the next level with an enhanced value proposition,” noted Sáenz-Azcúnaga.
LatinFinance also praised BBVA’s endeavors when it comes to sustainability, where the Group is helping to address three major global challenges: combating climate change, conserving natural capital and driving inclusive growth. More precisely, BBVA has been pioneering the development of solutions for both businesses and individuals, such as issuing the first blue bond in Mexico, the first biodiversity bond in Colombia alongside IFC (World Bank), a sustainable loan for Cementos Avellaneda, and a model plant in Argentina, support for sustainable construction in Peru and ‘green’ mortgages, or loans, to champion sustainable coffee farming or livestock breeding in Colombia, where it also recently launched the Coral card. “At BBVA, we want to help unleash the region’s enormous potential for renewable energy projects and nature-based solutions. It represents an immense opportunity for growth and development.”
The publication also handed four other awards to the Group’s local franchises in Mexico, Colombia and Argentina. In the United States, BBVA won the 2024 ‘Best Bank’ and ‘Best SME Bank’ awards, while in both Argentina and Colombia it walked away with the ‘Best Bank’ award.
“BBVA has demonstrated its prowess decisively over the past year in commercial and retail banking across Latin America, despite a generally challenging market backdrop,” says LatinFinance CEO Taimur Ahmad. “Our editorial judging panel highlights efficiency gains thanks to digitalization on the one hand, but also the bank’s steadfast commitment to both sustainability and financial inclusion — areas where it once again stood out in terms of tangible results.”
LatinFinance cited BBVA’s leadership in Mexico, where it is the country’s leading bank when it comes to market share for loans, deposits and other financial products and services. The bank, which happens to have more than 30 million customers, also runs various innovative initiatives, such as ‘Banco de Barrio,’ through which it has widened the catchment net of its branches to attract small businesses and build closer relationships. According to the publication, BBVA maintains an unwavering commitment to society thanks to the activity of the BBVA Mexico Foundation, which reaches out to more than 400,000 customers through a wide range of initiatives linked to education, youth, children, social and labor market inclusion, and sustainability.
In the case of the Colombian country unit, the publication singled out its investment and innovation in technology, which have enabled it to expand its portfolio of digital-only products and revamp its mobile apps for individuals and companies alike. There was also a sharp increase in the funding and resources set aside for social action, which grew by 60 percent between 2022 and 2024. Last but not least, the publication offers some insight into the strengths of the franchise in Argentina, pointing to the integration of Salesforce solutions in the management of its CRM (Customer Relationship Management) system. This improvement has allowed it to optimize the customer experience, offering it a clear advantage over its competitors.
This year, LatinFinance announced the award winners at the annual meeting of Felaban, the Latin American Federation of Banks, which brings together the region’s leading financial institutions.