BBVA opens the door to a restructuring of the workforce and branch network in Spain in line with those that other large banks are undertaking. The group that leads Carlos Torres Until now, it had denied its intention to face an extraordinary reduction of costs in this way, although it justifies that “the changing needs of the business” have forced it to study all the alternatives to accelerate its restructuring in the first half of 2021. “We have committed ourselves to develop a plan but we are working on it “, said the CEO, Onur Gen.
In addition, BBVA has announced a strengthening of its dividend policy that allows it to redistribute around 40% of its profit and a 10% buyback of its own securities after finalizing the sale of its business in the US. This repurchase will involve an amount of 3,000 million, so the bank would still have another 5,000 million obtained from the sale of the subsidiary to analyze potential acquisitions of competitors, invest in internal growth in markets in which it already operates or distribute more It’s dividend.
The bank won 1,305 million euros in 2020, which represents a drop of 62.9% compared to the previous year. Very different factors have influenced this figure, among which are the provisions made to cover the future impact of bad debts, the deterioration of the book value of its business in the US or the capital gains obtained from the sale of its non-life insurance to Allianz.
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