BBVA meets its growth targets in Spain and will expand its digital banking model to Germany
This Wednesday, BBVA Spain Country Manager Peio Belausteguigoitia underscored that Spain is meeting its growth targets, including adding 3.6 million new customers in Spain and boosting its main lines of business, such as the corporate banking segment. His presentation took place at a summer course held at the Menéndez Pelayo International University, and was organized by the financial press association APIE and BBVA. BBVA also had a strong performance in Italy, where the bank has now reached 500,000 customers. The success of this digital banking model has led BBVA to consider expanding to other countries in Europe, with the focus currently on Germany.
The BBVA Country Manager described the current macroeconomic situation in Spain. BBVA Research is predicting GDP growth of 2.5 percent this year, well above the expected growth rate for the eurozone (0.7 percent).
In this context, Peio Belausteguigoitia emphasized BBVA’s excellent performance in Spain. In the first quarter of the year, there was a positive evolution in nearly all lines of the income statement. In terms of the banking business, while the system continues to deleverage, BBVA has managed to grow slightly, which translates into market share gains.
In addition, the Country Manager noted that BBVA continues to grow its customer base. The bank in Spain set the record for customer acquisition for several months in 2024. All of this after managing to add over one million customers in 2023, a 7 percent increase over 2022.
Peio Belausteguigoitia also stated that growth in individual customers goes hand-in-hand with growth in SMEs. SMEs make a significant contribution to the national GDP (+60 percent) and national development, fostering local job creation and economic diversification. The need to support them with financial solutions and tailored services that allow them to grow and overcome economic challenges is vital. “BBVA wants to be the bank of SMEs,” he said while underscoring that the bank intends to attract 80,000 new SMEs in 2024 in Spain. It is important to note that in the first four months of the year, the bank added 51,000 SMEs and self-employed as clients in the country, a 10 percent increase over the same period in 2023.
The Country Manager of BBVA Spain pointed to the strong performance of the bank’s business in Italy. BBVA launched its business in Italy in October 2021 and has raised its customer acquisition target year after year, always exceeding its expectations. The bank estimates that it will reach 600,000 customers this year, a target it had almost attained halfway through the year, after adding 500,000 customers in the country.
Encouraged by the success of the bank in Italy, Peio Belausteguigoitia explained that BBVA is currently working on opening a new market in Europe. Specifically, the team is working on a digital banking proposal for Germany that will be launched over the course of 2025.