“Spanish citizens finance themselves cheaper than the State”

The president of BBVA, Carlos Torreshas highlighted that the cost of applying for a loan for housing is below the profitability of the Spanish debt, which means that a “citizens finance themselves cheaper than the Kingdom of Spain”. During his participation in the second edition of the Gran Vía Forum in Bilbao, promoted by the BBK Foundation, the director has assured that this example “illustrates well” the capacity of the financial system to meet this need.

Torres has warned that the increase in housing prices represents a “problem of the first magnitude” for society, with supply and demand “out of sync.” “Every year 300,000 new homes are formed and 150,000 new homes are built”he argued, after adding that the only solution is for there to be more supply. In this regard, Torres has mentioned Crea Madrid Nuevo Norte, a project in which BBVA participates, and which projects the construction of more than 10,000 homes. If everything goes according to plan, the works will start in a few months.

Torres also recalled that the chapter of the Failed takeover bid for Banco Sabadell is now closed. “We are focused on the execution of our strategic plan and not so much on other operations,” he noted, although not They rule out analyzing any possibility, when the time comes. For the banker, the failure of the potential union represents a “lost opportunity for everyone, for both banks, for employees, shareholders, clients, society as a whole.”

In any case, he has been optimistic. “We don’t look back, but forward,” he said. influenced, to highlight the “extraordinary” moment which the bank is going through, with a result that has touched 8,000 million in the first nine months of the year. “Among entities of our size, we are the fastest growing bank in Europe,” he added. BBVA has opened a new strategic cycle until 2029. “The plan has a purpose, values ​​and six very clear strategic priorities that will remain on the path of growth and profitability”he pointed out.

As Torres explained, the team’s focus is on executing the plan and making it a reality. “We are focused on executing our planwhich is an organic growth plan and that keeps us on the path we are on,” he indicated. Likewise, Torres has dedicated a good part of his speech to the emergence of artificial intelligence (AI) and how it is transforming the banking relationship with its clients. Torres sees this technology as a “opportunity to create differential value for your clients”, Therefore, they have developed a “very clear” roadmap to define where and how it can generate the greatest impact.

“The change is being much deeper, much faster: what It used to take years, now it happens in weeks.“, he stated after warning that it has become “a geostrategic issue” by influencing issues such as “security, competitiveness and the economic leadership of the regions.” In his opinion, this pace, which may seem dizzying, opens the door to the possibility of provide further if we are able to take advantage of it with responsibility. However, he argues that for this progress to be translated into reality, it is necessary to have a “solid, proportionate and predictable” regulatory framework.