BBVA creates a branch in Abu Dhabi to expand its corporate and investment banking services

BBVA is committed to strengthening its international presence after the failure of the takeover bid for Sabadell. The entity reinforces its wholesale banking services in the Middle East after obtaining the preliminary license from the authority of Abu Dhabi Global Market (ADGM)as reported by the bank this Tuesday in a statement. Specifically, This authorization will allow BBVA expand its corporate and investment banking services and reinforce its positioning as a strategic partner for corporate and institutional clients in the region.

The person responsible for BBVA Corporate & Investment Banking (CIB) in the Middle East, Eduardo Ortiz Gross, has been appointed ‘Senior Executive Officer’ of the Abu Dhabi office, from where he will lead the bank’s operations in the region. BBVA is present in Abu Dhabi since 2013 through a representative office. With this new license, the bank will be able to expand its wholesale banking services in the Middle East, offering financing, advisory, global markets and cross-border operations solutions for corporate and institutional clients.

“The Middle East is a strategic region for BBVA. Obtaining this license represents a relevant step in our ambition to grow alongside our clients at a global level”, underlined Javier Rodríguez Soler, Global Head of Sustainability and Corporate & Investment Banking at BBVA. “The region’s economies are undergoing accelerated transformation, with sovereign wealth funds and other institutional investors playing a leading role in the transition energy and sustainable investments. BBVA aspires to be your long-term partner, providing cross-border knowledge and innovative financial solutions that support your growth and decarbonization strategies,” he added.

For his part, Arvind Ramamurthy, ‘Chief of Market Development Officer’ at ADGM, highlighted that BBVA’s decision to expand its presence in Abu Dhabi through ADGM underlines the growing importance of its jurisdiction as a gateway. between the Middle East and the markets global. “As more top-tier international banks choose ADGM to serve sovereign investors and financial institutions, we continue building a strong ecosystem for sustainable finance and cross-border capital flows. “We are pleased to welcome BBVA and look forward to seeing how it contributes to the region’s ambitious growth and transition agenda,” he said.

BBVA has highlighted that the Middle East region represents a “significant” opportunity for the entity in its objective of diversifying its international presence and strengthen its customer base within the business of Corporate & Investment Banking (BBVA CIB). In line with this strategy, BBVA is already an “active player” in the region and has recently participated in operations with relevant clients that reflect its growing commitment to the Middle East.

In recent years, the ‘cross-border’ business has consolidated itself as a strategic growth driver for BBVA CIB, representing more than 35% of revenues and with year-on-year growth of more than 30%. The opening of the BBVA branch in ADGM, pending final regulatory approval, will reinforce the bank’s ability to connect its Middle Eastern clients with opportunities throughout its international network, especially in Europe, America, Mexico or Turkey.