BBVA has been open to doing acquisitions locally in the markets where it is present when they are about to be fulfilled two years since the talks between the entity and Sabadell for a possible merger.
“There may be local mergers. Previously, we wanted to merge with Sabadell in Spain because we believe that growth on a local scale is essential“, he stated Onur GençCEO of BBVA, during his speech at the Financials CEO Conference organized by Bank of America in London, as collected Bloomberg.
The number two of the entity has explained that, “especially in retail banking” its business “is scale”. “Then, if you are not one of the leading players in the market, you do not have much chance“, has added.
The executive spoke at the Bank of America event in front of investors, before whom he defended the bank’s ability to grow profitably and generate value for its shareholders.
Genç has explained to investors that the bank reiterates the improvement of business prospects by 2022 in Mexico Y Spain. More specifically, it foresees that in Spain the credit will grow at a low single-digit rate for the year as a whole and the margin of interests will increase about 5%.
In Mexico, the expected growth of the loan portfolio for this year is in double digits, while the interest margin will grow around 20%.
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