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  <title>Spain - BBVA</title>
  <link>http://press.bbva.com</link>
  <description><![CDATA[Spain]]></description>
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<itunes:name>Powered by Acceso Group</itunes:name>
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       <title><![CDATA[The soccer world backs Champions for Africa]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45910</link>
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								<p>&nbsp;<img height="211" width="474" src="imagenes/image_upload/Areas_Holding/Comunicacion_e_Imagen/Publicidad/_CA04594_450.jpg" alt="_CA04594_450.jpg" /></p><p><b>The soccer world showed its generous spirit with its support of the second edition of Champions for Africa, an event organized by UNICEF and the Kanouté Foundation, sponsored by BBVA and supported by the Spanish Football League and the National Sports Council. The presentation ceremony took place this morning in the Santiago Bernabéu, and was presided over by the president of Real Madrid C.F., Florentino Pérez. Soccer players Frédéric Kanouté and Sergio Ramos attended in their capacities as captains of the two teams who will play each other in this charity event.</b><br /><br />The president of UNICEF, Spain, Consuelo Crespo, gave the opening speech for the event, expressing her gratitude to the soccer world for participating in the charity event. The proceeds will go towards promoting education in Africa, under the aegis of the Schools for Africa program. Ms. Crespo said that this project, which has been in operation since 2004, has already benefited over 3.6 million children, and that the proceeds from this match could benefit another 100,000 children. <br /><br />The president of Sevilla FC, José María del Nido, was also present. Last year his team hosted the first edition of the event and today he symbolically handed over his responsibilities as “witness” for Champions for Africa to Florentino Pérez. <br /><br />The president of the Professional Soccer League (LFP), José Luis Astiazarán, also attended and stated that the LFP felt privileged to be able to participate in this initiative, and expressed his desire to officiate over this collaborative effort in the future, and to thereby “return to society part of what the soccer world has received”. <br /><br />Antoni Ballabriga, head of corporate responsibility for BBVA was also present, representing the event’s main sponsor. Mr. Ballabriga noted that BBVA already assists over 50,000 children in Latin America through its Niños Adelante scholarship program. With this new project, BBVA will provide assistance to 25,000 children in Africa through schooling, school construction, installation of sewage systems, and health and prevention initiatives.<br /><br />Both Sergio Ramos and Frédéric Kanouté, captains of the teams which will play each other on December 22, Africa United vs. Liga BBVA, spoke of the project with great enthusiasm. Sergio Ramos, captain of the Liga BBVA team, declared, “you have to be human and remember that there are others who have nothing&quot;, and that this project was a marvelous way to do so.<br /><br />Frédéric Kanouté, captain of Africa United, described the City of Children project on the outskirts of Bamako, run by the Kanouté Foundation. This space will be inaugurated in four or five months and will have the capacity to house 150 homeless, orphaned children from Bamako. Lastly, he expressed his thanks to Real Madrid for ceding the Bernabéu for the event and announced that the best African players from the Spanish, English and Italian leagues will be playing.<br /><br />The proceeds from the second edition of Champions for Africa will be earmarked for UNICEF’s Schools for Africa project and the Nelson Mandela Foundation, whose goal is to provide African children with quality education: reconstruction and refurbishment of schools, water treatment, sewage systems and medical care. <br /><br />The presentation was closed by the president of Real Madrid, Florentino Pérez, who highlighted the importance of the UNICEF initiative and the active participation of Kanouté, and predicted a successful outcome for the match on December 22 ; and the Secretary of State – President of the High Council for Sport,, Jaime Lissavetzky, who underscored the ambitious scope of this project which began only last year in Seville. In this regard, he acknowledged the government’s collaboration in the event and also expressed his gratitude to the private businesses which have participated in the project. “I hope that Champions for Africa serves as another stepping stone towards making this continent the leading light in the twenty-first century. This is Africa’s hour and sports is one of its star mediums”.<br /><br /></p>
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       <title><![CDATA[BBVA presents the exhibition “Confluences. Two centuries of modernity (Confluencias. Dos siglos de modernidad), from the BBVA Collection” ]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45843</link>
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  <p>&nbsp;<img height="200" alt="expo_mexico_terrazas_450.jpg" src="http://comunicacion.bbva.com/admin/imagenes/image_upload/Areas_Holding/Comunicacion_e_Imagen/C.Institucional/expo_mexico_terrazas_450.jpg" width="450" /></p>
  <ul>
    <li><b>60 masterpieces from the BBVA collection are on exhibit in Mexico, and will be later shown in Colombia and Chile, to commemorate the bicentennial of the independence of these countries.</b> </li>
    <li><b>The exhibition, curated by Tomás Llorens, includes pieces by such notable artists as Siqueiros, Goya, Libero Badií, Fernando Szyszlo, Matta, Gómez Campuzano and Martín Tovar </b></li>
  </ul>
  <p><b>The <i>Confluences exhibition. Two centuries of modernity at the BBVA Collection</i> opened&nbsp;on November 12 in the National Museum of San Carlos in Mexico city, and subsequently travel to Colombia and Chile. The exhibit includes approximately 60 works, comprising paintings, sculptures and works on paper, from the BBVA Group’s permanent collection in several Latin American countries (Argentina, Colombia, Chile, Spain, Mexico, Peru and Venezuela). The pieces on display are from the last 200 years by renowned artists such as Siqueiros, Leonora Carrington, Goya, Libero Badií, Fernando Szyszlo, Matta, Gómez Campuzano and Martín Tovar, which will provide the Mexican, Colombian and Chilean publics with different historical interpretations and show the common and different iconographic references in Europe and America. This BBVA-backed cultural initiative is part of the Bicentennial commemoration in various Latin American countries.</b></p>
  <p>The BBVA Collection in countries where the bank has a presence is the result of the merging of the permanent collection of the various financial institutions which are now a part of BBVA group. A great number of styles and schools will be on display in this show, mainly from Argentina, Chile, Colombia, Spain, Mexico, Peru and Venezuela, as well as others from different European and American schools.</p>
  <p>The curator of the exposition, the professor and former director of the Thyssen-Bornemisza Museum in Madrid, Tomás LLorens, has gathered together 19th and 20th century works from the BBVA Collection which use a wide range of styles to depict and interpret historical events in Latin America. He has focused on the most important styles of this period, which developed across different societies, with the aim of capturing the essence of modernity. The show is divided into four different themes: The romantic imagination; The turn of the 19th/20th century. Naturalism and Symbolism; The first half of the 20th century. Naturalism and Symbolism; The first half of the 20th century. The state of the image. </p>
  <p><b>The romantic imagination</b></p>
  <p>The exhibit starts with one of the longest-lived artistic and literary movements of the 19th century: romanticism, which breathed new life into the plastic arts and especially in landscapes. Romanticism ushered in a new, more imaginative approach, which was highly visible in Spanish and Latin American painting. Characteristics include a heightened interest in the individual, especially in portraits; the portrayal of social customs; and the love of nature made evident in depictions of landscapes.</p>
  <p>The portrait of Pantaleón Pérez de Nenin, an oil painting by Francisco de Goya y Lucientes (1746-1828), is an example of a portrait that evidences the public function and social rank of the person posing for the painter. It is a highly complex work, showing a merchant from Bilbao dressed in the uniform of a captain of the Hussar regiment. The work is painted with an attention to detail and fluency that brings to mind Velazquez. In addition, there is a portrait of Simón Bolívar by the Venezuelan Martín Tovar y Tovar (1827-1902), which uses a similar style, depicting “the Liberator” in fairly stereotypical pose, based on old engravings. </p>
  <p>The work, Portrait of a Lady (Retrato de una dama) by Raimundo de Madrazo (1841-1920) was also selected, by virtue of its expressiveness and elegance in capturing the feminine archetype. Similarly, a tablet by Nicanor González (1864-1934), captures the profile of an unknown woman, as if to pay homage to a face that caught the artist’s attention.</p>
  <p>Among the scenes from quotidian life, ten engravings from Goya’s series, Los Caprichos, are included. These are strong examples from one of the Aragon artist’s most important chalcographic periods major series de Goya, and depict and satirise scenes and customs from feudal Spain, with a revolutionary perspective that combines the grotesque and the fantastic. Another example of the mannerist style are the four watercolours by Pancho Fierro (1807-1879), which shows situations and common people from viceroy-ruled Lima. </p>
  <p>Lastly, this section&nbsp; features an important oil painting of a landscape by Pablo Gonzalvo (1828-1896), showing a vista of the mouth of the Abra de Bilbao river; a spectacular seascape by Ramón Martí i Alsina (1826-1894); three good examples of the Chilean school, with a piece by Giovanni Mochi (1831-1892), La Carreta, depicting tranquil country life; in contrast with the Paisaje de Cordillera by Antonio Smith (1832-1877), which is illuminated with the sun’s last rays; and the Paisaje estero by Onofre Jarpa (1849-1940), which shows a more peaceful image of nature, and which is imbued with the expressiveness of the light. The work Puente de piedra by Colombian artist, Ricardo Gómez Campuzano (1891-1981) is a good example of a neoromantic landscape painting.&nbsp; </p>
  <p><b>The turn of the 19th/20th century.&nbsp;Between naturalism and symbolism</b></p>
  <p>In the second part, naturalism and localism are explored, as fundamental characteristics of the modern age, as Tomás Llorens attests in the catalogue:&nbsp; “…the relationship between naturalism and symbolism, two theoretically opposed poles in the modernist sensibility, is complex, and full of ambiguity. In this regard, Estudio de una calavera (1883),an early oil painting by Darío Regoyos (1857-1913), melds symbolism with a markedly naturalist language; Seguidillas gitanas, an early painting by Darío Regoyos (1857-1913), has affinities with Belgium symbolism from the turn of the century. The Basque artist also has another painting in the show, Puerto de Bilbao, with echoes of French impressionism.</p>
  <p>Francesc Gimeno (1857-1917) is on the opposite end of the spectrum, with an approach that is characterised by its localism, as can be seen in his landscape Playa. Bagur, which has a certain continuity in the work of Enrique Martínez Cubells (1875-1947), whose Fin de jornada (1909) combines elements of Sorolla’s late style with that of Zorn.</p>
  <p>The work of Santiago Rusiñol (1861-1931) is characterised by the variety of styles he experimented with over his long career, starting with his residence in Paris to his engagement with symbolism. In the last decades of his life, he painted an unusual work depicting neoclassical gardens, saturated with melancholy, Avets i boixos. Jardines de Martí Codolar, painted in 1927. On a similar note, we would mention Paisaje impresionista, by the Argentine, Cesáreo Bernardo de Quirós (1879-1968), an autumn garden populated by statues charged with symbolism. </p>
  <p>Francisco Iturrino (1864-1924), in Mujer con abanico, sets his sights on the Andalusian theme which was in vogue in Paris at the beginning of the 20th century, while Aurelian Arleta (1879-1940) in his early work, La Perez y el taboo, creates an allegory about work, synthesizing Italian mural painting with the symbolism of Purvis de Chavannes.</p>
  <p>Four artists close this section: Chilean Arturo Gordon (1883-1944) and Spaniard Angelo Miguel Nieto (1881-1964), who painted two feminine figures with allegorical overtones: Peruvian, José Sabogal (1888-1956), who in Rimac, arrabal portrays houses lost in a desolate mountain landscape, an image charged with melancholy; and the mix of indigenous sensibility with modern stylisation of Alejandro González Trujillo (1900-1983) in Yurak Orcco, an Andean vista in the Titicaca region.</p>
  <p><b>The first half of the 20th century. The vanguard and the modern tradition</b></p>
  <p>In the first decades of the last century, the art world was rocked by the clash between the vanguard and the traditional status quo, both in Europe and America, although it had its own unique characteristics in Latin America and Spain. Artists were especially receptive to artisanal processes and the possibilities of expression using these techniques. </p>
  <p>María Blanchard (1881-1932) lived in Paris in the years prior to World War I. Although she embraced Cubism after the war ended, Composition avec tache rouge contains traces of synthetic cubism, and has elements which bring to mind Juan Gris and Gleizes. Manuel Ángeles Ortiz (1895-1984), from Granada, took a different route. His oil painting, Cabezas múltiples, painted in 1976, was heavily influenced by music, like almost all his oeuvre.</p>
  <p>In the first half of the century in Mexico there was a strong relationship between the artistic vanguard and political revolution in certain circles. This section has several examples of this phenomenon.&nbsp; Dr. Alt -Gerardo Murillo- (1875-1964), who painted Volcán Paricutín, opened up new horizons, for many artists in the Mexican vanguard.&nbsp; The painting Paisaje I by David Alfaro Siqueiros (1896-1974) is also shown. This is a late work, but with syncretic overtones always at the service of the collective spirit. A painting by Leonora Carrington (1917), The Spheres Themselves, a composition based on ancestral cosmologies, is also on display. Carrington was the former lover of Max Ernst and did most of her work in Mexico.</p>
  <p>Other Latin American artists who were a part of the second generation of surrealists, such as the Chilean Roberto Matta (1911-2002), whose oil painting La imposible posibilidad denounced Pinochet’s coup d'état. Like Matta, the Ecuadorian Guayasamín (1919-1999) also stands out. He was influenced by Mexican muralist movement and indigenous traditions, as can be seen in his highly syncretic Maternidad.<br />&nbsp;<br />This section closes with Puerto, an oil painting from 1957 by Pancho Cossío (1894-1970), and with a sculpture by painter and sculptor Antonio López (1936). This painting fits into the fourth section of the exhibit in chronological terms, but he has another work, titled Mujer dormida, in which the Manchegan creator explores the possibilities of a new realism based on mimesis.</p>
  <p><b>The second half of the 20th century. The state of the image</b></p>
  <p>According to the show's curator, Tomás Llorens, society in the second half of the 20th century was shaped by the growth in communication networks and by the massive industrial proliferation of images through these networks.&nbsp; In this section there are two main pillars: abstraction, during the middle decades of the 20th century, and starting in the 60s and 70s, Pop Art, which was based to a large degree on the proliferation of icons of popular culture.</p>
  <p>In abstract expressionism, the North American artistic movement, we should mention the Spaniard José Guerrero (1914-1991), who lived in New York from 1950 and became a part of the New York expressionist movement. In his work Comienzo, painted in 1983, the primacy of colour overpowers the iconic elements of the work.&nbsp; </p>
  <p>Before Guerrero arrived in Spain, Spanish informalism was the dominant trend. This movement was an offshoot of a European movement that held sway over the art scene during the 50s and 60s. Notables in this group include Antoni Tàpies (1925), whose work Forma gris blavós (1955) suggests the head of one of Paul Klee’s angels, with the materico texture which characterises his work; the dynamism and variety of the El Paso group, founded in 1957, whose luminaries include Manuel Millares (1926-1972), and whose canvas titled Cuadro 2, is populated by anthropomorphic forms which, thanks to the stark black and white palette accentuates the expressive atmosphere. This palette is also used a great deal by Antonio Saura (1930-1998), a painter who mixes figurative elements in his work, which shows the influence of Goya, Velázquez and Picasso, especially in Dora Maar 15.5.83. </p>
  <p>Luis Feito (1929) is another member of the El Paso group and his canvas Pintura (167) is characterised by its abstract references using a materico approach. It evokes deserts and silences. Manuel Rivera (1927-1995), from Granada, also a member of this group, turned his back on traditional oil painting techniques, to concentrate his energies on his compositions on metallic fabric, exploring the possibilities of this new surface, as can be seen in Espejo naciendo III.&nbsp; The Peruvian, Fernando de Szyszlo (1925) was a contemporary of the Spanish informalists. His style evolved towards free abstraction, close to informalism, as can be seen in his works, Composición abstracta and Paisaje ritual (1964-1965).</p>
  <p>Art centred on visual perception is represented by three contemporary artists: Venezuelan artist Carlos Cruz Díez (1923) and&nbsp; Valencians Eusebio Sempere (1923-1985) and Andreu Alfaro (1929). The first artist has his work Fisicromía nº 1022, on display. This is a piece that follows the precepts of the cinetic movement, and which produces sensations of colour that are independent even from the materiality of the actual work. Eusebio Sempere, meanwhile, is one of the first artists to have introduced electric lights in their work. One of his sculptures, a very experimental chrome steel piece is included in this exhibit, and invites viewers’ imagination to wander around the object.&nbsp; Andreu Alfaro, is a self-taught artist and a committed researcher, is influenced by classical sculptors and painters but also by jazz. His piece, Composición en espiral (1975), is a sculpture charged with feeling and tension.</p>
  <p>Certain artists in 20th century art history, such as Libero Badií (1916-2001) are difficult to classify. This Argentine artist, born in Italy, has a late work on exhibit, Ariadna (h. 1969-1975), in which he experiments with different materials: Cut and painted wood pieces, which bring to mind certain traditional toys, with echoes of Italian futurism.</p>
  <p>Although Pop Art is a North American movement, it was actually born in England, and had champions on both sides of the Atlantic. This movement had some important proponents in Spain, although with different characteristics, due to the socio-political situation of the country. In this regard it would be remiss not to also mention Equipo Crónica, a very original group created in Valencia in 1964 by Manolo Valdés, Rafael Solbes and Juan Antonio Toledo. This group engages with the iconography of mass media in a political framework. There is also a self -reflexive component to their work, where they question the artistic vocation, as in their piece Cayetana (1975-1976), where they enter into dialogue with masterpieces such as the Duchess of Alba painted by Goya. Eduardo Arroyo (1937) lived in Paris a large part of his life and was one of the main proponents of the Figuration Narrative movement, which was contemporaneous with Pop Art, although it was more critical of specific political and cultural events. Upon returning to Spain in 1976, he created ironic and allusive works such La Nuit espagnole (1986), where he highlighted the failure of attempts to build a national Spanish identity in the contemporary era. </p>
  <p>Lastly, the trajectory of Luis Gordillo (1934), who treated painting as a language and remained utterly indifferent to the socio-political panorama. The Sevillian artist has a triptych in this show: Mouse-paisaje-globo (1986), in a crucial moment for the new generations of Spanish painters. Gordillo has an eclectic, but strong and efficient pictorial style.</p>
  <p>Additional information:</p>
  <p><b>Mexico</b>- National Museum of San Carlos From November 12, 2009 to February 28, 2010</p>
  <p><b>Colombia</b>- Bogotá Museum of Modern Art (MAMBO) From March 18 to May 23, 2010</p>
  <p><b>Chile</b> - National Museum of Fine Arts From June 8 through August 15, 2010 <br /></p>]]></description></item><item>
       <title><![CDATA[BBVA, the leading provider of cash management transaction services in Spain according to Euromoney]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45837</link>
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								<p>&nbsp;<img height="180" width="475" alt="euromoney_logo.jpg" src="imagenes/image_upload/Otras_imagenes/euromoney_logo.jpg" /></p><ul><li><b>The transaction service units offer cash management products and tailored solutions, collections, payments and working capital facilities to companies, institutions, corporations and MNEs </b></li></ul><b>For the first time ever, Euromoney has awarded BBVA the top rating and named it Spain’s leading provider of cash management transaction services for companies and institutions. The bank’s transaction service units offer cash management products and tailored solutions, collections, payments and working capital facilities to companies, institutions, corporations and MNEs The cash management award, given by Euromoney magazine, is the result of poll that received 13,300 responses.</b><br /><br />For the first time ever, BBVA ranked first in the Euromoney poll of corporate and institutional financial officers on their opinion of their cash management services providers.<br /><br />The results of the poll underscore BBVA’s skills in an increasingly competitive and specialized field, as well as the strength of its local transaction service units.<br /><br />BBVA’s transaction service units are in charge of running the cash management business, which entails products and solutions aimed at managing cash, collections, payments and working capital requirements of companies, institutions, corporations and MNEs through a variety of channels and specialized services.<br /><br />The goal of these units is to provide an end-to-end payments and collections management solution for customers and offer them products that are tailored to their profile. They also provide systematic and recurring added value to the banking relationship with customers, promote the transactional channel in order to strengthen commercial ties and support the sales management of the transaction specialist network.<br /><br />This makes transaction services an important tool for generating recurring revenue for BBVA and strengthening ties with customers.<br /><br />According to María del Mar Rodrigo, Head of Transaction Services Spain and Portugal, this award “recognizes the endorsement of businesses, institutions, corporations and MNEs of the combined efforts of the transaction services unit and its product strategy, and the various customer areas in offering innovative products and services that provide a prompt response to customers’ needs.”<br /><br />The 9th edition of the Euromoney poll (&quot;Cash Management Poll 2009&quot;) drew some 13,300 responses, with respondents rating characteristics such as transaction capabilities, expertise, innovative ability, commitment to customers, awareness and adaptation to customer needs, and quality of service.<br /><br />BBVA also topped the best cash management poll in Colombia for companies and institutions and ranked highly in other countries of Latin America, such as Venezuela, Mexico and Chile.<br />
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       <title><![CDATA[BBVA Economic Research Department: “Ongoing adjustments in the Spanish economy shape recovery against an external backdrop not exempt from risk”]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45686</link>
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								<p>&nbsp;<img height="210" width="474" src="http://comunicacion.bbva.com/admin/imagenes/image_upload/Servicio_Estudios/_asel_04_450.jpg" alt="_asel_04_450.jpg" /></p><ul><li><b>The main risk facing the global economy is the premature unwinding of stimulus plans and uncertainty over whether private spending can replace public spending as the main driver of recovery once these plans have been withdrawn</b></li><li><b>In 2009, Spanish GDP looks set to contract in line with the rest of the euro zone</b></li><li><b>BBVA Economic Research Department estimates higher potential growth (of around 2%) for the Spanish economy once the crisis is over than the EU. Nevertheless, it believes these growth forecasts can be raised if more structural reforms are adopted faster</b></li><li><b>According to BBVA Economic Research Department, job losses will gradually ease in 2010, with unemployment stabilizing at around 20% </b></li><li><b>The real estate sector continues to struggle and excess supply could begin dropping at the beginning of 2010. Greater access to home buying, with lower interest rates and possibly lower prices, should help the downturn end</b></li><li><b>“A more decisive use of fiscal policy for counter-cyclical purposes and the swift adjustment in net trade have helped slow the recession and prevent the fall from being greater than in the rest of Europe”, stated José Luis Escrivá, Chief Economist BBVA Group </b></li><li><b>The degearing of the private sector and the Spanish economy’s reduced need for financing intensified in 2009 and should continue into 2010</b></li><li><b>Even though monetary policies&nbsp; remain largely expansive, in 2010 we expect fiscal consolidation </b></li></ul><b>“Contraction of economic activity has eased sharply in Spain. GDP is set to decline by around 4% in 2009, a similar figure to the rest of the EU. Even though there are factors affecting Spanish growth compared to the rest of Europe, such as the greater degearing and the adjustment in the real estate sector, the Spanish economy has been able to head off the harshest stage of the recession and prevent the fall from being greater than in the rest of Europe for two reasons: a more decisive use of fiscal policy for counter-cyclical purposes and the sharp decrease in imports, which have helped slow the rate of decline of GDP”, declared José Luis Escrivá, Chief Economist BBVA Group.</b><br /><br />This information is included in BBVA Research Department’s latest “Spain Watch” report presented today by José Luís Escrivá, Chief Economist BBVA Group and Chief Economist for Spain and Europe, Rafael Doménech. <br /><br />According to this report, global economic recovery will be uneven. Recovery in emerging economies is stronger than in developed economies, while the US economy appears poised to recover faster than Europe.<br /><br />According to BBVA Economic Research Department, fiscal stimulus plans in the US are wider-reaching and will have more of an impact on growth in coming years. <br /><br />Recovery in activity in Europe is also likely to be longer in coming given Europe’s more rigid labor market, the substantial injections of public aid required for the restructuring of the countries’ banking systems and the lower growth potential in the region compared to the US.<br /><br /><b>Spain: moving slowly towards recovery</b><br /><br />Although the Spanish economy is shrinking more slowly, there are few signs to indicate that 2010 will usher in strong recovery. <br /><br />According to the BBVA Economic Research Department, the degearing of the private sector and the Spanish economy’s reduced need for financing intensified in 2009 and will continue into 2010. Likewise, lower financial and real estate wealth, increasing uncertainty in the labor market, forecasts of lower income growth and fiscal consolidation set to begin in 2010 and continue thereafter, will all help keep savings rates high and prevent consumption from recovering in the short term.<br /><br />The second factor is the restructuring of the real estate sector, which will continue into 2010, even though greater access to home buying, thanks to lower interest rates and possibly lower prices, should help shore up demand.<br /><br />A third factor is that recovery could be hindered by a labor market which is showing a high degree of structural unemployment. Job destruction is expected to ease gradually in 2010, but growth in activity will not be enough to sustain job creation. The Economic Research Department has lowered its estimates for 2010 unemployment from 20.7% to 20.1% as the active population has declined.<br /><br />And finally, 2010 will see a correction in public accounts, after public funds were used intensively in 2008 and 2009 for counter-cyclical purposes. The long-term benefits of fiscal consolidation far outweigh the negative short-term effects on economic growth. However, close attention must be paid to how and when this policy is implemented&nbsp; to gauge whether it could undermine the recovery expected to occur at the end of 2010.<br /><b><br />Public debt and structural reforms </b><br /><br />Turning to public debt, BBVA Economic Research Department expects a decline in public accounts after government funds were used intensively in 2008 and 2009 for counter-cyclical purposes. <br /><br />Estimates for public debt in Spain for 2009 (54% of GDP) are significantly lower than for the EU (approximately 80%) where, unlike in Spain, a substantial amount has been used for bank bailout programs (5.7% of GDP).<br /><br />With regard to reforms, BBVA Research Department believes structural reforms need to be adopted more swiftly to successfully tackle future challenges. <br /><br />In this regard, the FROB (fund for ordered bank restructuring) has designed strategies which will help adjustment in the Spanish financial system and which must be adopted promptly.&nbsp; This should lead to an ordered restructuring of excess capacity in the sector and give rise to strong institutions capable of efficiently channelling those resources available to the Spanish economy”, stated Rafael Doménech, BBVA Group Chief Economist for Spain and Europe.<br /><br />Mr. Doménech noted that potential growth forecasts could be revised up if the structural reforms already underway (e.g. Directive on Services) were adopted more swiftly or if those reforms which both Spanish and foreign experts and institutions believe need to be implemented (e.g. labor market) were in fact rolled out. How quickly the Spanish economy is able to pick up once the recovery begins depends largely on the priority given to these reforms.<br /><br />&nbsp;<br /><b>For more information:</b><br />María José Zabala<br />Corporate Communication BBVA<br />94 487 68 61- 699 42 70 24<br />&nbsp;
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       <title><![CDATA[BBVA organizes the second annual BBVA benefit race, with the participation of more than 7,000 people]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45584</link>
       <enclosure url="http://prensa.bbva.com/show_annex.html?id=50814" length="2564325" type="image/jpeg"/>
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								<p>&nbsp;<img height="211" width="475" alt="salida_450.jpg" src="imagenes/image_upload/Areas_Holding/RRHH/salida_450.jpg" /></p><ul><li><b>The more than 7,000 participants in the race have paid a €5 per head charity registration fee for the race, which will go in full to African children in UNHCR’s refugee camps </b></li><li><b>BBVA will match this total, guaranteeing a minimum contribution of €70,000</b></li><li><b>This BBVA project falls under the aegis of an agreement with the UN’s refugee agency (UNHCR), in which it undertakes to finance the primary education of a group of child refugees in Dadaab, Kenya</b></li><li><b>The Madrid town council is actively helping organize BBVA’s benefit race, as is Jesús Vázquez, UNHCR Ambassador and the face of the event</b></li></ul><b>The second annual BBVA benefit race was held today, with the participation of over 7,000 people between the bank’s employees, customers and friends who, through their €5 registration fee, are helping this BBVA charity. The objective of the BBVA benefit rate is to help children at refugee camps in Dadaab (Kenya) overseen by the UN’s refugee agency, UNHCR (BBVA will match the total raised through the race registration fees, guaranteeing a minimum contribution of €70,000)</b><br /><br />Juan Asúa, BBVA’s Director for Spain and Portugal, Juan Ignacio Apoita, BBVA’s Head of Human Resources and Services, and Jesús Vázquez, a UNHCR goodwill ambassador, oversaw the start of the race. The race, in which runners could choose between a 5k and 10k route, ran from Paseo de la Castellana in Madrid, where the bank’s headquarters are located, through several Madrid streets and ended on Paseo de Camoens. <br /><br />Participating in the race was Spanish track and field star Fabián Roncero, who was the first to reach the 10k finish line. After the race ended, Juan Asúa, BBVA’s Director for Spain and Portugal, and Juan Ignacio Apoita, BBVA’s Head of Human Resources and Services handed out the prizes. <br /><br /><b>Commitment to education</b><br /><br />BBVA has made education one of the main pillars of its CSR policy. This reflects the belief that education is of critical importance to maximizing human potential and leveraging progress in our societies. The bank’s motto is we work for a better future for everyone; for many people, education is the only way of attaining this better future. For example, the BBVA Integration Scholarships Program provided scholarships to 47,104 children in Latin America last year. &nbsp;<br /><br /><b>Education in Kenyan refugee camps</b><br /><br />UNHCR runs three refugee camps in Dadaab – Ifo, Hagadera and Dagahaley – where over 170,000 people live. Of these, 97.5% are from Somalia, with the rest of the refugees from Ethiopia, Sudan, Eritrea, Uganda, the Congo, Ruanda, Tanzania and Burundi. &nbsp;<br /><br />The camps are located approximately 500km from Nairobi and 80km from the Somali border, in an area with harsh climatic conditions (temperatures of 40º to 50ºC, droughts, flooding, and outbreaks of polio and Rift Valley fever), making survival extremely difficult.&nbsp;&nbsp; &nbsp;<br /><br />UNHCR conducts activities to meet both the most immediate as well as the long-term needs of the refugees.&nbsp; Education plays a crucial role as an instrument for building and maintaining a social fabric, preventing unemployment, reducing frustration and the sensation of displacement among the population, and creating a feeling of normalcy in the community. <br /><br />Currently, 32,663 children are being taught at 18 pre-primary and primary schools in Dadaab. 39% of the children are girls. A very high percentage of both boys and girls in primary school do not attend class (44%).<br /><br />Access to secondary-level education is limited, because of the small number of secondary schools and teachers, while the cost of tertiary education is beyond the reach of the vast majority of secondary-school graduates.<br />
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       <title><![CDATA[Juan Asúa: “The restructuring of Spain’s financial system represents an excellent opportunity for BBVA to increase its market share”]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45556</link>
       
       <guid>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45556</guid>
       <description><![CDATA[<p>&nbsp;<img height="211" width="475" src="http://comunicacion.bbva.com/admin/imagenes/image_upload/Espana/Banca_Comercial/_asua_010_450x200.jpg" alt="_asua_010_450x200.jpg" /></p><ul><li><b>“BBVA’s unique response to the crisis can be attributed to the key role played by its distinctive management model, which is based on three pillars: its customer-oriented focus, risk management and efficiency”</b></li><li><b>“Spanish banks weathered the first phase of the crisis very well due to a retail-focused business model and, consequently, more recurring income than investment banks”</b></li><li><b>“Our financial system will have to face two challenges: a decrease in activity and increase in non-performing loans against a backdrop of macroeconomic decline and exposure to the real estate market”</b></li><li><b>“We are confident Spain will resume the path to economic growth and job creation with everyone’s efforts” </b></li></ul><b>“The consolidation and restructuring process already underway in Spain’s financial system represents an excellent opportunity for organic growth for BBVA, in terms of both its market share and its number of customers. This is because of its financial strength and the power of its sales networks,” Juan Asúa, BBVA director of Spain and Portugal said today during a speech he delivered at the “IV Conference for Financial Professionals - Borsadiner” held in Barcelona. Mr. Asúa, who sat on a panel of experts that debated the “Prospects for Spain's Banking Sector,” pointed out that although the Spanish financial system had withstood the first phase of the crisis very well, two major challenges lie ahead: a decrease in activity and increase in non-performing loans. Against the current backdrop, the executive highlighted the fact that BBVA is one of the financial institutions that has best weathered the crisis, thanks to a unique management model based on three pillars: a customer-oriented focus, risk management and efficiency.</b><br /><br />Juan Asúa, BBVA director of Spain and Portugal, began his speech by revisiting the origins of the current global crisis, which he described as different from previous crises for several reasons: “because of its origin, which was essentially financial in nature; its unique virulence; and its global reach, whereby financial globalisation and foreign commerce have served to spread economic decline.”<br /><br />In this connection, he explained the three clearly distinct phases being undergone by the crisis. The first phase was characterised by the liquidity crisis, which began in 2007 and can be deemed nearly over. The second phase, however, which involves the economic crisis and is the phase in which we currently find ourselves, will loom over the sector for the next few years. A third phase of industrial reconstruction will touch each and every sector, particularly the banking sector, and &quot;we do not know how long it will last. It may also be different depending on the country, but it will definitely require sweeping changes in technology and business.”<br /><br />After noting that the latest data on the world’s leading economies, in addition to the latest reports by the European Central Bank (ECB), Organisation for Economic Co-operation and Development (OECD) and International Monetary Fund (IMF), show signs of economic recovery and indicate that the worst of the crisis is over, he spoke on the climate of the Spanish economy. “Logically –he explained– we have not been able to avoid the current situation outside of the country but we also are facing a faster, sharper adjustment due to our heavier dependence on the real estate sector and the higher level of debt assumed by companies and households.”<br /><br /><b>A changed sector after the crisis</b><br /><br />In Mr. Asúa’s opinion, “our economy’s adjustment must necessarily see the continuation of the private sector’s de-gearing process, the reshaping of the real estate sector and the correction of the foreign deficit to be able to get on the path to recovery and begin creating jobs again.”<br /><br />At this point in his speech, Mr. Asúa proceeded to examine the crisis’ effect on the financial sector. He noted that a radically different financial system will emerge from the crisis.<br /><br />“The institutions that make it through the second phase of the crisis will have to face major technological and social changes prompted by the demands of customers and the banks themselves. While customers will seek more personalised service, banks will be developing new business models that are more flexible and efficient. They will evolve into service-based companies using technology to turn information into knowledge,” underscored Mr. Asúa.<br /><br />“In short –he stated– we are moving toward a new global financial system formed by stronger, more solvent institutions that is more heavily regulated, more prudent and subject to a larger role played by the public sector. That said, it is everyone’s job to follow the ground rules to avoid excessive regulation and to deem the public sector’s presence somewhat temporary.”<br /><br />And how is Spain’s financial sector responding to the crisis? “Despite Spain being hit harder by the crisis than its European neighbours and the decline in activity and risk quality seen by financial institutions, our financial sector weathered the first phase of the crisis very well. This is in part owed to a universal retail-focused business model based on relationship banking and, consequently, more recurring income than investment banks. It is also owed to the strict regulation and oversight imparted by the Bank of Spain,” noted the BBVA director of Spain and Portugal.<br /><br />Nevertheless, he pointed out that “Spain’s financial sector has grown at an accelerated and excessive rate and the weakness of certain institutions and excess capacity in the sector are dragging down recovery and future growth.” In this connection, he underscored two major challenges to be faced by the Spanish financial system: the decrease in activity and increase in non-performing loans against a backdrop of macroeconomic decline and exposure to the real estate market, which will not affect all institutions the same. <br /><br />“This will force some institutions to carry out capital increases or initiate M&amp;A transactions. It may also cause the demise of some institutions. We are clearly moving toward a sector with fewer players: ones that are stronger and on sound footing,” he said.<br /><br /><b>Unique model</b><br /><br />According to Mr. Asúa, “the consolidation and restructuring process already underway in the Spanish financial system represents an excellent opportunity for organic growth for BBVA, in terms of both its market share and its number of customers. This is due to its financial strength and the power of its sales networks.” <br /><br />Emphasising these strengths, Mr. Asúa highlighted the fact that BBVA is one of the financial institutions that has best withstood the crisis. He added that it is one of five private banks worldwide that has not required government aid and that it has been the only large group to not need a capital increase since the crisis began. In addition, BBVA has benefited from its sound footing, diversification and focus on retail business, which accounts for 90% of the group’s net margin, and moved up from eleventh place in 2008 to second place this year in worldwide earnings rankings. This achievement displays the company’s clear leadership in profitability and efficiency compared to its main competitors.<br /><br />Key to BBVA’s performance has been the unique management model used by the group, which according to Mr. Asúa, is based on three essential pillars:<br /><br />1.&nbsp;&nbsp; &nbsp;Customer-oriented focus. “BBVA applies a segmented approach for each type of customer in conjunction with specific distribution networks and sales forces that know our customers inside out and can therefore offer them a unique service that pivots on a value proposition suited to their individual needs&quot;<br /><br />2.&nbsp;&nbsp; &nbsp;Risk management. By adhering to a policy based on prudence and anticipation, we can be sure we will be in a very solid position in terms of financial order and hedges. We can also do this by ensuring our non-performing loan rate is lower-than-average compared to other banks and savings banks in Spain.<br /><br />3.&nbsp;&nbsp; &nbsp;Efficiency. BBVA launched an ambitious Transformation and Innovation Plan a little over two years ago that is already yielding significant results concerning the efficiency of our production and distribution models in terms of how to produce and sell more and in a more efficient manner.<br /><br />“At BBVA, we like to say, because we are convinced of it, that crises are always excellent opportunities to grow more and strengthen our leadership position, differentiating ourselves from the competition. As such, we are completely optimistic about the exciting future that lies ahead and we are confident, moreover, that Spain will resume the path to economic growth and job creation with everyone’s efforts,” Mr. Asúa said in closing.<br /><br />
								
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       <title><![CDATA[BBVA obtains €4.2 billion in net attributable profit and boosts core capital to 8%]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45415</link>
       <enclosure url="http://prensa.bbva.com/show_annex.html?id=50692" length="77355" type="application/pdf"/>
       <guid>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45415</guid>
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								<p>&nbsp;<img height="317" width="475" src="http://comunicacion.bbva.com/admin/imagenes/image_upload/Corporativas/Resultados_3T_09/_asel_01_475.jpg" alt="_asel_01_475.jpg" /></p><ul><li><b>Strong results have helped BBVA generate 110 basis points of core capital since January and, together with other contributions, this brings the core capital ratio to 8%</b></li><li><b> The highly recurrent earnings were supported by buoyant revenues (net interest income was up 19.7%) and by containment costs, which fell 2.4% thanks to the Group’s Transformation Plan</b></li><li><b> Operating income, a fundamental management indicator, rose 13.5%, maintaining its superior performance since the crisis erupted</b></li><li><b> BBVA strengthened its leadership among European banks in terms of efficiency with a 3.7 percentage-point improvement year-on-year, bringing the cost/income ratio to 39.7%</b></li><li><b> Net additions to non-performing assets continued their steady decline, the cost of risk is stable and the Bank maintains its prudent policy of property purchases in line with plans</b></li><li><b> BBVA set aside the €830m it obtained in capital gains from the sale of real estate in Spain, to strengthen its generic NPA provisions</b></li><li><b>The Group's non-performing assets ratio stands at 3.4%, which compares very favourably with the average of its European competitors, and the quarterly growth of this ratio is slowing </b></li><li><b> In the first nine months of the year the Group obtained net attributable profit of €4.18 billion, a decline of 3.3% compared to the same period last year (excluding one-off items)</b></li><li><b> BBVA continues to lead the other large financial groups in terms of profitability with ROE at 21.2% and EPS at €1.12. These levels are stable and they are the same as 2008</b></li><li><b>The franchises are strong and still growing. Their performance and important ability to generate operating income sets them apart </b></li><li><b> The Group took important steps to reinforce its US franchise by acquiring Guaranty Bank from FDIC</b></li></ul><b>In the first nine months BBVA obtained net attributable profit of €4.18 billion, which was 3.3% less than the same period last year excluding one-off items (up 1.3% at constant exchange rates). This excellent result was obtained despite the very complex financial and economic environment in which the Group continued to outperform in terms of revenue and profitability for its shareholders. At the same time it moved ahead with building the Bank’s future by strengthening its capital adequacy and the international expansion entailing the purchase of Guaranty Bank in the United States. In the third quarter the Group achieved net attributable profit of €1.38 billion, an amount similar to the same period last year, despite differencies caused by the timing of dividends and earnings carried by the equity method.<br /><br />The fundamental factors that characterise BBVA's earnings in the first nine months are highly recurrent revenues, excellent risk management, capital strength, superior profitability and strong franchises that are still growing. Recurrent income helped it to generate 110 basis points of core capital in the first nine months, which was more than the improvement anticipated for the entire year. Furthermore BBVA used a complementary source of capital by issuing €2 billion in convertible bonds. As a result in the third quarter the core capital ratio increased to 8% (7.1% at the end of June). The BIS ratio stands at 13.4%. </b><br /><br />BBVA's results in the first nine months demonstrate its financial strength and high degree of recurrent revenues. Net interest income rose 19.7% year-on-year thanks to a successful pricing policy and to good management of the balance sheet in the context of the slowdown. The ratio of net interest income to average total assets in September stood at 2.53%, compared to 2.27% a year earlier.<br /><br />In addition the Group’s operating costs improved faster, falling 2.4% thanks to new benefits from its Transformation Plan. The positive performance in costs (especially in Spain, Mexico and the USA) led to an important advance in efficiency and the cost/income ratio in September came to 39.7% (an improvement of 3.7 points year-on-year). <br /><br />The improvements in income and cost boosted operating income 13.5% to €9.27 billion (up 18.1% at constant exchange rates), confirming the solid upward trend. All business areas reported significant increases in this margin.<br /><br />Operating income is a fundamental management indicator and the increase highlights BBVA's relative strength compared to its competitors. Since the financial crisis erupted two years ago, the Bank’s share of operating income in its reference group has risen 250 basis points to 7.6% and its share of net attributable profit has increased more than 15 percentage points to 19.9%. These achievements confirm its top ranking among large international banks in terms of efficiency and profitability. <br /><br />BBVA continued to progressively reduce net additions to non-performing assets in the third quarter and the debt recovery policy was successful despite the seasonal effect of summer. It maintains a conservative strategy in respect of property purchases (€104m in the third quarter), a prudent provisioning policy and ample coverage in the form of provisions and collateral.<br /><br />The Bank decided to use the capital gains obtained from a sale and lease-back operation entailing 948 properties in Spain (mainly branches), to strengthen generic NPA provisions. The total volume of its generic and substandard provisions now stands at €4.66 billion.<br /><br />The Group’s non-performing asset ratio in September was 3.2%, which compares favourably with that of its European competitors. The growth of this ratio has been slowing in recent quarters and the Group’s cost of risk has stabilised. The coverage ratio is 68%.<br /><br />BBVA’s net attributable profit in the first nine months came to €4.18 billion, a fall of 3.3% compared to the same period last year excluding one-off operations. If such operations in the first nine months of last year (€180m net) are taken into account, net attributable profit declined 7.2%.<br /><br />The recurrency of earnings helped to generate 110 basis points of capital in the first nine months. The Group complemented this by issuing €2 billion in convertible bonds, which will provide greater flexibility in managing capital. Following these operations BBVA’s core capital in September rose to 8%, compared to 7.1% in the first half and nearly two points more than the end of 2008.<br /><br />At the end of the third quarter BBVA led the other large European banks in terms of profitability. Its return on equity (ROE) stood at 21.2% and return on assets (ROA) was 1.11%. These high levels resulted in earnings per share (EPS) of €1.12, setting the Bank apart from its reference group. At a time when other banks have seen their EPS fall drastically since the beginning of the crisis, BBVA’s earnings have remained stable. <br /><br />The most relevant aspects of the BBVA Group’s performance in its main business areas during the third quarter are summarised below:<br /><ul><li> Recurrent revenues increased. In the year-to-date net interest income rose 19.7% year-on-year thanks to a successful pricing policy and to appropriate management of the balance sheet in the context of a slowdown in business. This positive performance helped to offset the smaller volume of other revenues, helping gross income for the first nine months to grow 6.6% compared to the same period last year (up 9.7% at constant exchange rates). </li><li> Operating costs are dropping at a faster rate, falling 2.4% year-on-year in the year to 30-Sep-09. This helped to lift operating income for the same period to €9,274m, an increase of 13.5% compared to the first nine months of last year (up 18.1% at constant exchange rates).</li><li> The Group completed the sale and lease-back of 948 properties in Spain (mainly branches) for €1,154m, generating €830m in capital gains. These gains were used to increase the Group’s generic loan-loss provisions and therefore had no impact on net attributable profit.</li><li> Impairment losses on financial assets stabilised further during the quarter, again at around 30% of operating income (excluding the €830m mentioned above).</li><li> All business areas contributed to the Group's net attributable profit, which came to €4,179m for the first nine months. As a result BBVA continues to be one of the most profitable big banking groups with an ROE of 21.2% and ROA of 1.11%. </li><li> BBVA’s loan portfolio continues to preserve its high quality and to generate good news in terms of risk management. On one hand, gross additions to non-performing assets continue to decline as well as the the well-conceived policy of recoveries, in a context of highly selective purchases of properties. This helps to slow the growth of the non-performing asset ratio. And on the other hand, the decision to use the capital gains from the sale and lease-back of the bank’s properties to increase the generic provision has improved the coverage ratio. As a result of these developments BBVA ended the quarter with the non-performing asset ratio at 3.4%, 73 basis points lower than the average for its European competitors (based on the latest available figures). The coverage ratio stands at 68%.</li><li> Two aspects of the capital base deserve a mention. First, the Group's ability to generate core capital organically was again apparent in the third quarter, contributing 20 basis points. Second, in September the bank placed a €2,000m bond issue, convertible to ordinary shares, which will provide additional flexibility in capital management. Thus core capital rose to 8.0% at 30-Sep-09 (7.1% at 30-Jun-09) and the BIS ratio increased to 13.4% (12.3% at 30-Jun-09).</li><li> At the end of the third quarter BBVA also had €1,711m in latent capital gains on its more liquid portfolios of equity holdings. The above is without adding capital gains on other portfolios.</li><li> As customary at this time, BBVA paid a second interim dividend of €0.09 per share in cash against 2009 earnings on 12-Oct-09.</li><li> The <b>Spain &amp; Portugal</b> Area contributed €1,877m to the Group’s net attributable profit. This was similar to the same period last year. Although banking business is slowing, the more conservative lending performed well in the quarter, including residential mortgages and lending to institutions and large companies. Savings and current accounts, and pension funds also performed well. As mentioned, gross additions to non-performing assets continued to slow, and as a result the increment in the non-performing asset ratio was less than previous quarters. Lastly, capital gains from the sale and lease-back of real estate were used to strengthen the bank’s balance sheet by allocating them entirely to loan-loss provisions.</li><li> The <b>Wholesale Banking &amp; Asset Management</b> Area continued to demonstrate the strength and success of its business model based on customer focus, as reflected by the high percentage of recurrent earnings. Corporate &amp; Investment Banking and Global Markets enjoyed an excellent quarter, which largely offset lower revenues from divestments of industrial and real estate holdings. Moreover, containment of administration costs and the lower level of loan-loss provisions helped income before tax in the first nine months to increase 16.0% compared to the same period last year. Nonetheless net attributable profit is only 3.7% higher because the capital gains recognised in 2008 were taxed at a low rate.</li><li>Despite the significant deterioration of its economy and the drop in business, in <b>Mexico </b>revenues rose 4.8% year-on-year in local currency. Strict control of costs explains the 7.1% rise in operating income. Impairment on financial assets and provisions were at similar levels of previous quarters in a context of deceleration of the growth of the NPA ratio. The improvement in operating income offset the higher provisions and thus net attributable profit was in line with previous quarters (€1,101m for the year-to-date).</li><li>In the <b>United States </b>BBVA continued to generate earnings without the need for government help and despite the very difficult economic context. In August BBVA Compass acquired the operations of Guaranty Financial Group from the Federal Deposit Insurance Corporation (FDIC). This reinforces the Group's presence in this country, complementing and anticipating BBVA Compass's plans for organic growth in the Sunbelt. This operation is another sign of BBVA’s strength and solid capital position, which allows it to tackle such operations and to take advantage of opportunities even in difficult times such as those in the international financial sector.</li><li> Lastly, <b>South America</b> turned in another very positive quarter despite the general business slowdown. Revenues increased significantly and expenses were kept under progressive control without impairing asset quality. In the first nine months the area’s&nbsp; profits before minority interest came to €1,049m , not far from the BBVA Bancomer’s and net attributable profit rose 27.5% year-on-year to €689m (up 27.8% at current exchange rates). </li></ul><br />
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       <title><![CDATA[BBVA launches new and more user-friendly range of cards tailored to customers’ payment preferences ]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45331</link>
       <enclosure url="http://prensa.bbva.com/show_annex.html?id=50608" length="1037642" type="application/pdf"/>
       <guid>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45331</guid>
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								<p>&nbsp;<img height="306" width="475" src="http://comunicacion.bbva.com/admin/imagenes/image_upload/Espana/Banca_Comercial/pres_tarjetas231009_475.jpg" alt="pres_tarjetas231009_475.jpg" /></p><ul><li><b>BBVA simplifies its card catalogue, grouping its entire range into four modules, rendering them more user-friendly and offering higher quality service</b></li><li><b> BBVA’s new card formats are to be named based on customer-elected payment options: Before (prepay), Now (debit), After (end of month) and As You Go (revolving)</b></li><li><b> The Bank is incorporating the ‘Safe Card’ concept which not only anticipates migration to the EMV chip card standard, but also includes a free customer upgrade to the most comprehensive security package on the market</b></li><li><b> The Bank, which already has a card portfolio of 10 million, aims to sign up one million new cards in the next two years</b></li></ul><b>Today BBVA announced the launch of a range of unique and novel card payment methods designed to respond to customer demands in this business segment. The Bank has launched a new range, or family, of cards for retail banking customers with a triple purpose: (i) to adapt to its customers’ payment preferences, (ii) to make its cards easier to understand and use and (iii) to boost card security. Along these lines, BBVA has simplified its current range of plastic cards, grouping them into four payment modules tailored to customers’ payment choices: Before, Now, After and As You Go. These new names match card payment modules: prepay, debit, credit (end of month) and revolving.&nbsp; The Bank has also incorporated the ‘Safe Card’ concept into its entire range, which not only anticipates migration to the EMV chip-card standard, but also includes a free customer upgrade to the most comprehensive security package on the market. </b><br /><br />The electronic payment methods business segment in immersed in profound transformational change as a result of the economic slump, regulatory changes underway and the status of the card market itself, shaped by a lack of product/service differentiation. Against this backdrop, and following extensive consultation of its customers and managers, BBVA has launched a range that is differentiated and novel in the world of electronic payments, designed to respond to its customers’ needs and demands in this area. <br /><br />BBVA commands a leadership position in the electronic payments segment in Spain by volume and also in terms of product innovation. It currently has 10 million cards in circulation.<br /><br /><b>Tailoring and simplicity</b><br /><br />Customer surveys reveal that cardholders are looking for three priority attributes in a card: adaptation to their payment preferences, simplicity and user-friendliness and enhanced security.<br /><br />To satisfy its customers’ demands, BBVA is launching a tailored range of cards targeted at its retail banking customers, designed to meet these needs and demands.&nbsp; Marketed under the slogan “You decide when to pay”, each card format is associated with elected payment timing. Accordingly, prepaid cards are being called Before, debit cards are being labelled Now, regular credit cards paid off monthly, After, while revolving credit cards are being marketed under the name As You Go. <br /><br />BBVA is simplifying its card catalogue, grouping its entire range into four formats, rendering them more user-friendly and offering higher quality service. Each of these four modules maintains all existing benefits and comes with attributes linked to the customer’s payment choice based on his or her household finances and enabling control over spending.<br /><b><br />Greater security</b><br /><br />In terms of customers’ card security demands, BBVA, once again ahead of the curve, is the first major bank to initiate migration over to the EMV chip card standard with which all cards must be equipped before January 1, 2011. BBVA will migrate its card portfolio over before that deadline.<br /><br />The encryption of card authentication information into the chip embedded in these cards provides users with maximum security in the event of attempted ATM or retail card fraud.<br /><br />The Bank will ask its customers to choose how they wish to identify themselves whenever they make a purchase, authenticating either via signature or by entering their PIN numbers. Cardholders can modify their identification choices at the Bank’s network of over 5,000 ATMs.<br /><br />In addition, BBVA has created the ‘Safe Card’ concept, a free package that comes with all cards that includes:<br /><br /><ul><li> A mobile alert service</li><li> Insurance against ATM muggings</li><li> Full card fraud protection</li><li> Emergency cash service</li><li> Secure e-commerce transacting</li></ul><b>Launch offers</b><br /><br />The launch of BBVA’s new card range comes with two special offers. The first is a launch promotion on the As You Go Card which consists of a 5% discount on all purchases made using the card until January 31, 2010. The promotion also contemplates marketing this card as a complement to customers’ regular cards with limit sharing.<br /><br />The second launch promotion is designed to boost card usage: all purchases made between October and December using BBVA Visa cards qualify for a daily draw of €1,000.<br /><br />BBVA, which is the bellwether in the electronic payments segment in Spain, aims to sign up one million new cards in the next two years which would bring its card portfolio to 11 million. <br /><br />
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       <title><![CDATA[For the second year running, BBVA holds a benefit race to help child refugees in Kenya]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45336</link>
       <enclosure url="http://prensa.bbva.com/show_annex.html?id=50612" length="930780" type="application/pdf"/>
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								<p>&nbsp;<img height="210" width="475" src="http://comunicacion.bbva.com/admin/imagenes/image_upload/Areas_Holding/RRHH/_CA00924_475.jpg" alt="_CA00924_475.jpg" /></p><ul><li><b>BBVA’s benefit race (the ‘Carrera Popular Solidaria BBVA’) will be held on November 1 in Madrid, and the bank's employees and customers, as well as the public at large, are invited. Those who do not wish to run can still participate by contributing a fee.</b></li><li><b> The registration fee is €5, and BBVA will match the total amount raised</b></li><li><b> 7,000 people have already signed up to participate in the race, which guarantees a minimum contribution of €70,000</b></li><li><b> This BBVA project falls under the aegis of an agreement with the UN Refugee Agency (UNHCR), in which it undertakes to finance the primary education of a group of child refugees in Dadaab, Kenya</b></li><li><b> The Madrid town council is actively helping organize BBVA’s benefit race, as is Jesús Vázquez, UNHCR Ambassador and the face of the event</b></li></ul><b>In 2008, BBVA and UNHCR signed a three-year cooperation agreement under which BBVA undertakes to finance the primary education of a group of child refugees in Dadaab, Kenya. For this reason, and for the second year running, BBVA, with the cooperation of UNHCR and the Madrid town council, is inviting its employees, customers and the public at large to participate in a benefit race, at a fee of €5 per head. This year the event will take place on November 1. BBVA will match the total amount raised. Given that 7,000 people have already signed up to participate, this event has raised €70,000. Those who do not wish to run can still participate by contributing a fee.<br /></b><br />During the presentation of the race, which took place today at Madrid city hall, Ángel Cano, President and COO of BBVA, said that the bank was firmly committed to education through social action and corporate volunteering, as evidenced by the €85.3 million contributed by the bank to these type of initiatives in 2008.<br /><br /><b>Commitment to education</b><br /><br />BBVA has made education one of the main pillars of its CSR policy. This reflects the belief that education is of critical importance to maximizing human potential and leveraging progress in our societies. The bank’s motto is we work for a better future for everyone; for many people, education is the only way of attaining this better future.<br /><br />For example, the BBVA Integration Scholarships Program provided scholarships to 47,104 children in Latin America last year. “Our education program has focused on the neediest, and we want this commitment to continue and be reinforced with a charity element involving all our stakeholder groups: employees, customers, shareholders, and society at large,&quot; stated Ángel Cano.<br /><br />According to the president and COO of BBVA, the project falls under the aegis of an agreement with the UN Refugee Agency (UNHCR) for the 2008-2010 period, in which it undertakes to finance the primary education of 1,200 child refugees in Dadaab, Kenya. These children are currently living in three refugee camps – Ifo, Hagadera and Dagahaley – managed by UNHCR.<br /><br />María Ángeles Siemens, Director of the Spanish UNHCR Committee, also participated in the presentation of the benefit race. She noted that out of close to 34 million refugees being assisted by UNHCR, 15 million are children. She praised the fundraising event and declared: “To contribute funds for the education of child refugees is to invest in a better future for us all. In Dadaab (Kenya), 1,700 children are depending on us for their studies”.<br /><br /><b>Registration targets have been met already</b><br /><br />During the presentation a video was shown featuring Jesús Vázquez, UNHCR Goodwill Ambassador and the public face of the event. He thanked the bank for its contribution to schools for refugees in Africa, saying that it gave hope to the region’s most vulnerable.<br /><br />The BBVA benefit race, to be held in Madrid on November 1, is open to all BBVA employees and customers, and to the public at large. Persons interested in participating may register online at the Carreras webpage (www.carrerapopularbbva.com). <br /><br />The excellent reception of this initiative is evidenced by the fact that the 7,000 available slots were filled in record time. Participants who have signed up may pick up their numbers on October 29, 30 and 31. They will also receive a race kit, which includes a T-shirt especially designed to commemorate the event, JOMA socks, a thermos, a towel, and a backpack with the BBVA logo.<br /><br />Each person who signed up to participate in the race made a €5 contribution. BBVA will match the funds obtained from the sign-up fees, which guarantees a minimum total contribution of €70,000.<br /><br />Those who do not wish to run can still participate by depositing a fee into a BBVA bank account opened for that purpose.<br /><br /><b>BBVA benefit race</b><br /><br />The 2009 BBVA benefit race will start at 9:30 on November 1. The race will have two different routes, one approximately 5km and the other 10km. The race starts at BBVA's headquarters at Castellana 81 and ends on Paseo de Camoens.<br /><br />There will be a single category for children (ages 12 to 16), while men and women participants will be divided into the Junior, Senior, Veterans A (35 to 45 years of age) and Veterans B (over 45) categories.<br /><br /><b>Education in Kenyan refugee camps</b><br /><br />UNHCR runs three refugee camps in Dadaab – Ifo, Hagadera and Dagahaley – where over 170,000 people live, of whom 97.5% are from Somalia, while the rest are refugees from Ethiopia, Sudan, Eritrea, Uganda, the Congo, Ruanda, Tanzania and Burundi.<br /><br />The camps are located approximately 500km from Nairobi and 80km from the Somali border, in an area with harsh climatic conditions (temperatures of 40º to 50ºC, droughts, flooding, outbreaks of polio and Rift Valley fever), making survival extremely difficult.<br /><br />UNHCR conducts activities to meet both the most immediate as well as the long-term needs of the refugees. Education plays a crucial role as an instrument for building and maintaining a social fabric, preventing unemployment, reducing frustration and the uprooting of the population, and creating a feeling of normalcy in the community.<br /><br />Currently, 32,663 children are being taught at 18 pre-primary and primary schools in Dadaab. 39% of the children are girls. A very high percentage of both boys and girls in primary school do not attend class (44%).<br /><br />Access to secondary-level education is limited, because of the small number of secondary schools and teachers, while the cost of tertiary education is beyond the reach of the vast majority of secondary-school graduates.<br />
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       <title><![CDATA[The Albéniz Foundation and BBVA present the inaugural concert for the new academic year of the Queen Sofía School of Music]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45218</link>
       
       <guid>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45218</guid>
       <description><![CDATA[<p>&nbsp;<img width="475" height="315" src="http://comunicacion.bbva.com/admin/imagenes/image_upload/Areas_Holding/Comunicacion_e_Imagen/C.Institucional/OrquestaCamaraSony_ESMRS_475.JPG" alt="OrquestaCamaraSony_ESMRS_475.JPG" /></p><p><b>The presentation ceremony for the inaugural concert to be offered by the Queen Sofía School of Music to open the 2009-2010 academic year was held today at the Sony Auditorium of the Albéniz Foundation. The concert will take place at 19:30 on Wednesday October 21 at the Symphony Hall of the Queen Sofía National Auditorium. The event was attended by Sonia González, BBVA’s director of Institutional Communications, Paloma O’Shea, the chairwoman of the Albéniz Foundation, Peter Eötvös and Fabián Panisello, the Academic Director of the Queen Sofía School of Music.</b></p><p>The concert is being offered by BBVA, the sponsor of the School’s Viola Chair. The program for the concert by the Queen Sofia School of Music’s Sony Chamber Orchestra under the direction of Peter Eötvos and with the presence of the cello soloist Mikolaj Konopelski, includes the Eötvos composition Wind Octet, which was written for the Music for a School project of the Queen Sofia School of Music, and will be heard for the first time in Spain at this concert. The other works on the program include György Ligeti’s Concert for Cello and Orchestra and Béla Bartóky’s “Divertimento for Strings”,&nbsp; Sz 113.&nbsp; </p><p>The Albéniz Foundation dedicates the opening concert to the memory of the great pianist Alicia de Larrocha who died in Barcelona on September 25. De Larrocha was honorary vice president of the Albéniz Foundation and of the Santander International Piano Competition as well as a member of the board of trustees of the Queen Sofia School of Music and advisor to its Piano Chair.</p><p>BBVA’s patronage of the Queen Sofia School of Music – which falls under the aegis of its Corporate Responsibility policy, and in which education forms the key component -&nbsp; started in 1995, when it sponsored the Chamber Music Chair. Since 2001, the bank has been the sponsor of the Viola Chair. This chair is led by Professor Diemut Poppen, with the leading music world figure Zubin Mehta acting as advisor.&nbsp; BBVA’s initiatives in support of the Queen Sofia School of Music encompass all aspects of the center’s activity, including both teaching and artistic performance. BBVA thus joins the Albéniz Foundation and the Queen Sofia School of Music in supporting music training and access to musical culture in Spain, as the bank strengthens its ties with learning and culture.</p><p>The Queen Sofía School of Music, which opened in October 1991, has become a center of great international prestige, due to the excellent education it offers. The pedagogical project is based on contracting the best teachers for each specialty, who are then given complete liberty in terms of curriculum and teaching methods. In the course of its existence, the School has attained its main foundational goal:&nbsp; to contribute to the modernization of the country, putting Spain on the exclusive circuit of top level musical education, and demonstrating that in Spain, one can aspire to be the best, even in a field as competitive as music. The School’s financing model combines business sponsorship with state funding in a manner that is unprecedented in Spain, and which permits every student that shows outstanding talent to receive the best top-flight education in the world, regardless of his or her financial resources. Today, some one hundred young people from Spain and other countries – with an especially significant presence of students from Latin American countries - are studying various specialties, an education that is complemented with the presence of great masters invited to give Master Classes and the student’s participation in some 200 public concerts all over Spain. </p><p>Since it was founded in 1993, the Queen Sofía School of Music’s Sony Chamber Orchestra has been directed by Zubin Mehta, Leon Fleisher, James Judd, Lorin Maazel, Enrique García Asensio, José Luis García Asensio, Yehudi Menuhin, Víctor Pablo, Támas Vásáry, Péter Csaba, Maximiano Valdés, Luciano Berio, Jesús López Cobos, Jordi Savall, Miguel Ángel Gómez Martínez, Stefan Lano, Hansjörg Schellenberger, Juanjo Mena, Sir Colin Davis and Vladimir Ashkenazy. Antoni Ros Marbà is chief conductor. The orchestra has delivered publicly and critically acclaimed performances in Spain’s leading concert halls - the National Auditorium of Music, Madrid’s Teatro Real, the Teatro del Liceo in Barcelona, Valencia's Palacio de la Música and the Palau de la Música Catalana, as well as in some European venues, such as the Academia di Santa Cecilia in Rome.&nbsp; It has also made concert tours in Portugal and France. Furthermore, the Orchestra has made numerous recordings, with highlights including those made for Sony Spain, Spanish National Radio’s Radio Clásica, Spanish National Television and the Italian magazine Amadeus.</p><p>Peter Eötvös was born in Transylvania, 1944. At the invitation of Pierre Boulez, he conducted the inaugural concert of the Institut de Recherche et Coordination Acoustique/Musique de Paris, and was named musical director of the Ensemble InterContemporain, a post he held until 1991.</p><p>Since his Proms debut in 1980 he has made regular appearances in London. From 1985 to 1989 he was Principal Guest Conductor of the BBC Symphony Orchestra. He was First Guest Conductor at the Budapest Festival Orchestra from 1992 to 1995, and held the same position at the National Philharmonic Orchestra, also in Budapest. He was Chief Conductor of the Radio Chamber Orchestra of Hilversum from 1994 to 2005. From 2003 to 2005, he was First Guest Conductor of the Stuttgart Radio Symphony Orchestra, and has held the same position at the Radio Symphony Orchestra in Vienna since 2009. He was Principal Guest Conductor for modern and contemporary repertoire at the Gothenburg Symphony Orchestra between 2003 and 2007. </p><p>In 1991 he founded the International Eötvös Institute and Foundation, and in 2004 the Eötvös Contemporary Music Foundation in Budapest for young composers and conductors. His compositions and operas are regularly performed worldwide by leading orchestras. His music is published by Editio Musica (Budapest), Ricordi (Munich), Salabert (Paris) and Schott Music (Mainz).<br /></p>]]></description></item><item>
       <title><![CDATA[BBVA successfully concludes the exchange of three issues of preferred securities, with an acceptance rate of 81%]]></title>
       <link>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45067</link>
       
       <guid>http://prensa.bbva.com/view_object.html?obj=9882,22,101,c,45067</guid>
       <description><![CDATA[<ul><li><b> The acceptance rate for the exchange was the highest registered in Europe for this type of issue aimed at institutional investors</b></li><li><b> The bank obtained a gross capital gain of €225 mn in this operation that it will use to build up additional provisions</b></li><li><b>The success of the exchange is yet another demonstration of investor and the market confidence in the Group</b></li></ul><b>BBVA successfully concluded today an exchange offer which commenced last October 5 in relation to three issues placed on the institutional market. The transaction was received very positively by investors, as evidenced by the fact that 81% of the weighted average volume of the securities previously sold was exchanged for the new preferred securities. This acceptance rate sets a new record for this type of operation in the European institutional market, and shows the appeal of the bank's offer to investors. The capital gains arising from this transaction will be over €225 mn, that will be used to build up additional provisions. </b><br /><br />On October 5, BBVA commenced an offer in relation to 3 issues of preferred securities sold to institutional investors for a nominal amount of approximately €1,500 mn, in which said securities would be exchanged for new preferred securities. Two of these issues, for €550 mn and €500 mn, were euro-denominated and another, for (400 mn) was issued in sterling. <br /><br />The Bank successfully completed the transaction, which enjoyed an excellent reception from investors, with investors exchanging 81% of the average weighted volume of the previously issued securities for the new preferred issue. This acceptance rate sets a new record for this type of transaction in the institutional market.<br /><br />According to the definitive data on the transaction, which was executed by BBVA and Morgan Stanley, the acceptance rate for the transaction was 84.4% and 67.1%, respectively, in the two preferred issues denominated in euros, and 92.2% for the issue denominated in sterling. These percentages give an average weighted acceptance rate of 81% for the three issues. &nbsp;<br /><br />The high acceptance rate reflects the strong appeal of the Bank’s offer to investors. This positive reception was due both to the terms of the offer and to the current market situation. In addition, it demonstrates once again, that BBVA inspires a high degree of confidence in investors, which was also evidenced in recent weeks by the placement of a €2 bn convertible bond issue on the retail bond market, and the placement of mortgage backed loans (cédulas) amounting to €1 bn at a very competitive spread with respect to the market.<br /><br />The capital gains arising from this transaction will be over €225 mn, that will be used to build up additional provisions.<br />
								
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