Spain's BBVA expanding digital banking business to Germany
20 Jun 2024
BBVA, Spain's second largest bank after Santander, which successfully rolled out its digital banking services in Italy, is planning to extend its digital services to Germany as well.
BBVA, which recently made a hostile 12.28 billion euro ($13.20 billion) takeover offer for Sabadell, Spain’s fourth-largest bank, is reducing the number of bank branches and instead stepping up digital banking services.
BBVA is reported to be selling 300 of its physical bank branches in Spain, while expanding its digital customer base, with 600,000 customers in Italy before extending its hold in Germany.
BBVA, which has invested heavily in digital banking services, has been expanding in emerging economies like Mexico as well.
Reports citing a BBVA official said the bank is meeting its growth targets in Spain, with 3.6 million new customers while also boosting its main lines of business, such as corporate banking.
The bank has recorded consistent growth in Spain with record customer acquisition 2024, after adding over one million customers in 2023.
Even as the banking business in Spain and elsewhere continues to deleverage, BBVA has managed to grow slightly with slight gains in market share, according to a study by BBVA country manager Peio Belausteguigoitia.
Based in Madrid and Bilbao, Spain, Banco Bilbao Vizcaya Argentaria, SA (BBVA), has operations in Spain, Portugal, Mexico, South America, Turkey, Italy and Romania.
The bank is currently in the process of expanding into new markets in Europe. The proposed extension of digital banking service to Germany is expected to be launched by 2025.
