BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Business Summary

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is a global systemic financial institution that generates revenue through a diversified model centered on net interest income (NII) from retail and commercial lending, complemented by high-growth fee and commission income from asset management, payment services, and its Corporate & Investment Banking (CIB) division. The group’s operations are segmented into five primary geographic pillars: Mexico, which serves as the firm's largest profit engine; Spain, its core domestic market; Turkey, via its majority stake in Garanti BBVA; South America; and the Rest of Business, including its expanding U.S. and Asian wholesale operations. BBVA distinguishes itself as a digital pioneer, utilizing a proprietary cloud-native infrastructure and a strategic partnership with OpenAI to drive industry-leading efficiency ratios and customer acquisition. In the competitive landscape, BBVA contends with major peers such as Banco Santander, HSBC, and CaixaBank. While Santander maintains a broader global footprint, BBVA consistently outperforms in profitability metrics like Return on Tangible Equity (ROTE), which reached 19.3% in 2025, and maintains a dominant market share in Mexico that provides a significant competitive moat against European incumbents. Modern BBVA was established through the 1999 merger of Banco Bilbao Vizcaya and Argentaria, though its roots trace back to 1857. The current leadership is headed by Executive Chair Carlos Torres Vila, a former McKinsey consultant who has orchestrated the bank’s technological pivot since 2018. Onur Genç serves as the Chief Executive Officer, bringing a background as CEO of BBVA Compass and Deputy CEO of Garanti Bank to oversee the group's global retail and commercial strategy. The executive team is further bolstered by Luisa Gómez Bravo as Chief Financial Officer and Javier Rodríguez Soler as Head of Sustainability and CIB. The Board of Directors includes prominent figures such as Sonia Lilia Dulá and Raúl Catarino Galamba de Oliveira, with Jorge Montalbo Todolí recently nominated for the 2026 Annual General Meeting. As a publicly traded entity on the IBEX 35 and NYSE, BBVA’s institutional stability is supported by major global asset managers, including BlackRock, Norges Bank, and Vanguard, reflecting its status as a premier European financial powerhouse.