International expansion
BBVA's international presence began in 1902, when the Bank of Bilbao opened a branch in Paris and in 1918 another in London, thus becoming the first Spanish bank with a presence abroad.
In the 1970s, Banco de Bilbao, Banco de Vizcaya and Banco Exterior began to establish themselves as international groups, with the installation of operational and representative offices in the financial capitals of Europe, America and Asia. Likewise, the bank began an expansion policy in America by purchasing local banks in various countries on the continent.
In 1979, Banco de Vizcaya acquired the Banco Comercial de Mayagüez in Puerto Rico, a bank founded in 1967 by a group of merchants and industrialists. Converted into BBVA Puerto Rico, in 1992 it began a stage of growth through acquisitions, which gave rise to BBVA Puerto Rico.
In 1995, the group entered Peru, with the privatization and subsequent acquisition of Banco Continental, and in Mexico, with the purchase of Probursa"), which subsequently merged with BBVA Bancomer to form the BBVA Bancomer financial group that operates in the banking and insurance sectors.
In 1996, it entered Colombia with the acquisition of Banco Ganadero, and in Argentina and Uruguay with the acquisition of Banco Francés del Río de la Plata, renaming it BBVA Banco Francés and BBVA Uruguay respectively. Likewise, it makes new acquisitions in Mexico.
In 1997, it entered Venezuela by acquiring Banco Provincial, which had been founded in 1953. Likewise, it expanded its presence in Argentina with the acquisition of Banco de Crédito Argentino"). It also entered the Pension Fund business in Bolivia by founding BBVA Previsión AFP.
In 1998, he settled in Chile after purchasing Banco BHIF "BBVA (Chile)"), and AFP Provida a year later. Likewise, it entered Brazil with the purchase of Banco Excel-Econômico (although in this country, it could not use the acronym BBVA and only the acronym BBV due to legal problems), and in Argentina the insurer Consolidar, created in 1994.
In 2000, the merger of BBV Probursa with Bancomer took place in Mexico to create BBVA Bancomer, the first bank in the country by volume of assets. At the beginning of 2004, the group announced the takeover bid for 100% of Bancomer's shares that did not yet belong to BBVA, purchasing all of the shares of the Mexican bank. In 2004 it acquired 100% of Hipotecaria Nacional, a private entity specialized in the mortgage business.
In 2001, the implementation of the unified platform for all businesses and all countries was completed, and the BBVA brand was installed in the Group's entities in Latin America.
In January 2003, Bradesco bank acquired the operations of Banco Bilbao Vizcaya Argentaria Brasil, for 2.7 billion reais.[29].
In 2004, the banks of Chile (BHIF) and Colombia (Banco Ganadero) changed their commercial name and were simply called BBVA.
In 2006, through a public auction, it acquired the former savings and housing corporation, Banco Granahorrar de Colombia, whose shares belonged to the Grancolombiano Group, and with the financial and economic crisis of the late 1990s it passed into the hands of the state through Fogafin. He later merged it with BBVA Colombia, creating one of the largest banking groups in the country.
In 2010, the firm absorbed Crédit Uruguay Banco, making BBVA Uruguay the second largest private bank in the country.[30][31].
In 2017 BBVA acquired the Mexican company Openpay, a fintech startup specialized in online payments.[32].
As of July 6, 2018, Scotiabank Chile takes control of BBVA Chile, with which the legal brand will be renamed Scotiabank Azul until its full integration with Scotiabank. The total change was made in October 2018. In 2022, it invests in the Brazilian digital bank Neon, founded in 2016.[33].
On August 7, 2019, the sale of the Paraguay branch of BBVA to Banco GNB Paraguay S.A. was announced. "Banco GNB (Paraguay)") (subsidiary of Banco GNB Sudameris), belonging to the Jaime Gilinski Bacal financial group, for an approximate value of 270 million dollars.
In February 2022, BBVA announces an investment of $263 million in Neon, a Brazilian digital bank where it had an 8% stake. After this operation, it increases its participation to 29.7%.[34].
In 2004, it began another line of international expansion with the entry into the US market, with acquisitions of entities in the south of the country (Cinturón del Sol), taking advantage of the strength of its Mexican subsidiary BBVA Bancomer.
In the second quarter of the year, it announced the purchase of Valley Bank in California through BBVA Bancomer.
In 2005, it bought Banco Laredo in Texas, and in 2006 Texas Regional Bancshares.
In 2007, it acquired Alabama Compass Bank. Subsequently, BBVA unified its corporate image in the country by reorganizing its entire brand portfolio under the name BBVA Compass "BBVA (United States)").
In 2009 it acquired Guaranty Bank in Texas), after the collapse of this entity.
In 2014, BBVA acquired the American digital banking company Simple for $117 million, and in 2015 the Californian company Spring Studio, specialized in user experience and digital design.
On November 16, 2020, BBVA announced the sale of its business in the United States for 9.7 billion euros to PNC bank.[35] On June 1, 2021, it finally closed said sale for 9.6 billion euros.[36].
In 2010, it acquired 24.9% of the capital of Turkiye Garanti Bankasi AS, Turkey's second largest bank, and reached an agreement with the Dogus Group – a reference shareholder of Garanti – to jointly manage the entity. Subsequently, that share increased to 25.01%. In November 2014, BBVA acquired an additional 14.89% of the Ottoman bank from Dogus Holdings for 1,988 million euros, bringing its participation to 39.9% of the entity.[37].
In February 2017, it reached a new purchase agreement with Dogus to acquire 9.95% more of the Garanti bank for 859 million euros, thus increasing its participation to 49.85%.[38].
In 2021, it launches a public acquisition offer (takeover bid) for 50.15% of Türkiye Garanti Bankası, valued at 2,259 million euros.[39][40].
In May 2021, BBVA takes over 86% of the Turkish bank.[41].
In 2006, it closed a strategic alliance with the Chinese group CITIC Group, the country's seventh financial group, to acquire 5% of China City Bank (CNBC) and 15% of Citic International Financial Holdings (CIFH). These stakes increased in 2008 to reach 10% of CNBC and 30% of CIFH.
In 2015, it divested 4.0% of CNBC's share capital and subsequently announced the sale of its 29.68% stake in CITIC Group.
In 2021, it enters the country's retail market through digital banking.[42][43].