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  HOME | Business & Economy (Click here for more)

BBVA Counting on Digitalization to Cope with Currency Swings

MEXICO CITY – Digitalization is one of the BBVA’s main tools for achieving efficiency and dealing with volatility in some of the currencies in which it operates, such as the Mexican peso, the CEO of Spain’s No. 2 bank said on Tuesday.

“We’ve succeeded in having digitalization help us continue improving efficiency ... compensating for the headwinds we’re having due to the currency devaluations, which have been very important in recent times,” Carlos Torres Vila said during a meeting with executives from BBVA’s Mexican subsidiary.

At the annual BBVA Bancomer meeting, Torres Vila emphasized that the digitalization of business has allowed the bank to see its earnings growing “in a sustained manner and at rates much superior to the growth in expenses.”

This fact also enables the bank to confront the depreciation of various currencies, including the peso, which has fallen against the dollar in recent weeks due to the strength of the US currency and the uncertainty created by Mexico’s July 1 elections and the renegotiation of the North American Free Trade Agreement (NAFTA).

BBVA has about 24 million online customers around the world, and of those 19.3 million are customers who do their banking using mobile devices. The bank registered growth of 43 percent in its mobile customer sector between March 2017 and March 2018.

At a “truly transformative” moment, technology is essential, including in elections, where “the ... conception of democracy and the profile of leaders” has changed, Torres Vila said.

When it came time for him to speak, BBVA Bancomer general director Eduardo Osuna emphasized that Mexico’s largest bank, with a 22.9 percent market share, improved its business performance last year.

 

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