Gonzalo Rodríguez (BBVA): “The remedies presented to the CNMC ensure financial inclusion, credit and territorial cohesion”
BBVA’s Head of Retail Banking in Spain, Gonzalo Rodríguez, emphasized this Tuesday the unprecedented remedies that BBVA has presented to the National Commission on Markets and Competition (CNMC) to secure the approval of a business combination with Banco Sabadell in Phase 2 of the assessment procedure. He made these remarks during his speech at the Financial Observatory organized by El Español-Invertia, where he underscored that these remedies go beyond competition-related issues, focusing on three key pillars: financial inclusion, credit for SMEs, and territorial cohesion. Additionally, he stated, “In the regions where Banco Sabadell has a strong presence, BBVA is committed to maintaining that brand recognition and staying close to the business community and wider society, both through banking activities and foundations.”

Gonzalo Rodríguez reminded the audience that the remedies presented to the CNMC surpass those agreed upon in previous takeover transactions within the Spanish financial sector and pointed out that they have been proposed in this form “to ensure financial inclusion, credit for SMEs, competition, and territorial cohesion.” In this regard, he stressed that following the combination of BBVA with Banco Sabadell, the resulting entity will have greater capacity to support and finance projects for households and businesses. In fact, it will enable an increase of €5 billion per year in financing capacity for the combined entity.
Furthermore, he pointed out that Banco Sabadell’s retail customers will have access to a better value proposition due to the complementarity of the two banks, the broader range of products, and BBVA’s global reach. Specifically, the new bank will have nearly 7,000 branches worldwide, with over 2,700 located in Spain—more than twice the number Sabadell currently has. Moreover, it will offer over 7,000 ATMs in Spain, almost three times more than Sabadell currently operates.
BBVA’s Head of Retail Banking in Spain also addressed the need for stronger banks and the promotion of mergers within the framework of the European Union to compete in the new global landscape. During his speech, he emphasized the importance of completing the Banking Union, arguing that forward steps in this direction will help Europe develop more global banks capable of competing and meeting the investment needs of the region. Notably, according to a report published by Mario Draghi, the European Commission estimates that the region requires between €750 billion and €800 billion annually to modernize infrastructure, drive technological transformation, and advance the energy transition.
Gonzalo Rodríguez expressed concern that no European Union bank ranks among the world’s 25 largest financial institutions by market capitalization. This, he argued, puts the spotlight on the need for “scale” and strategic mergers like the proposed deal between BBVA and Banco Sabadell. “For Europe to achieve strategic autonomy, it needs stronger, more efficient, and larger-scale banks to meet the challenge of investments required for the energy transition, technology, and digitization,” he stressed.
Regarding business figures, Gonzalo Rodríguez explained that BBVA broke its all-time record for acquiring new customers in 2024, with over one million people choosing BBVA as their new bank in Spain. The bank expects to maintain this figure in 2025.
BBVA in Italy and Cryptoassets
Furthermore, Gonzalo Rodríguez disclosed that the digital bank launched in Italy has exceeded all expectations, reaching 580,000 customers by October of last year and achieving its initial goal of half a million customers—originally set for 2026—two years ahead of schedule. “Our forecast for Italy is to reach one million customers within the next two years,” he stated.
Additionally, BBVA’s Head of Retail Banking in Spain announced that BBVA is preparing to launch a new service, available to all its customers, which will allow them to store and execute buy or sell transactions for bitcoin and ether using the app.
Gonzalo Rodríguez explained that the rollout of this service will initially be limited to a small group of users and will gradually expand over the coming months to all retail customers in Spain. The bank will leverage its existing experience in Switzerland and Türkiye, where it has been offering this type of service since 2021 and 2023, respectively.
In this regard, he emphasized that one of the key differentiating factors of the new service is that BBVA will have its own platform for the custody of cryptographic keys. This will allow the bank to maintain control without relying on third parties, ensuring the security of its customers’ crypto assets. However, he also clarified that BBVA will not provide any advisory services and that access to the service will only be available through the app and at the initiative of the customer.