The British magazine, part of the Financial Times group, also recognized BBVA as the Best Bank in Mexico, one of its biggest markets, as well as the franchise in Peru. For The Banker, BBVA is a “leading bank in Latin America, standing out from its peers in various markets in the region.”
The Banker once again recognized BBVA’s commitment to Latin America and its leadership in the region during the ceremony for its Bank of the Year Awards 2023. There, the Group was presented the awards for Bank of the Year in the Americas, Bank of the Year in Mexico and Bank of the Year in Peru.
Joy Macknight, Editor of The Banker, pointed to BBVA’s capabilities in the region and the Group’s efforts when it comes to sustainability. “Impressively, BBVA tripled its sustainable finance target and is focused on improving the life of businesses in the region,” she said. From 2018 through September this year, the Group channeled €185 billion in sustainable business. Of this amount, approximately 77 percent was allocated to the fight against climate change and the remaining 23 percent to inclusive growth. In October 2022, BBVA tripled its commitment to sustainable business to €300 billion by 2025, up from the previous target of €100 billion set in 2018.
For Jorge Sáenz-Azcúnaga, Global Head of Country Monitoring at BBVA, the award from The Banker represents recognition of BBVA’s strategy. “Our banks have a leading position in the region thanks to our global strategy in which innovation has been critical. We are a long-term investor in the region and believe in its high potential for growth, with clear opportunities for financial inclusion and sustainability due to its incredible biodiversity. We are also proud of our role supporting society in the region, where we have helped more than 60,000 families purchase their homes and over 90,000 SMEs expand their businesses.”
The British publication, a point of reference in the financial world, also emphasized BBVA’s digitization strategy, which has played a fundamental role in the bank’s profound transformation in the region. In this regard, Macknight underscored the recent evolution of Openpay, “the group’s digital payments company, which is expanding its reach across the region and is at the forefront of technological innovations in payments.”
From a financial standpoint, The Banker stressed the contribution of Mexico and the other South American markets to the income statement, where it emphasized higher lending activity in the North American giant and strong results in Colombia, Peru and Argentina.
BBVA, best bank in Mexico and Peru - The Banker
BBVA, best bank in Mexico and Peru
The Banker also recognized BBVA’s advances in digitization and sustainability in the Mexico and Peru franchises, which led both countries to receive the Bank of the Year award.
The publication specifically pointed to the significant efforts related to digitization in Mexico, with an “increase in digital transactions and in customer use of digital channels, continuous improvement of services and the introduction of the first investment fund specializing in blockchain and the digital economy.” BBVA added 21.4 million mobile customers in Mexico as of September 2023, the equivalent of 18.4 percent annual growth. This represents 72 percent of the total customer base. In addition, The Banker stressed “the bank’s initiatives to improve sustainability and promote inclusion and cooperation among the biggest companies in Mexico.”
In the case of Peru, the magazine underscored the growth of BBVA’s mobile app in the country, where it has become the main transaction channel, at 48 percent, ahead of Internet banking, ATMs and bank branches. For The Banker, BBVA’s Peruvian franchise also stands out for its portfolio of sustainable products, where it has had “notable success with its green mortgage for the purchase of sustainable homes” and in granting loans to real estate developers for 54 projects with the “Excellence in Design for Greater Efficiency” certification. Finally, the magazine recognized the launch of Openpay in the Peruvian market as a driver that has significantly improved the experience of both corporate clients and retail customers.