BBVA’s sale of its US business to PNC in 2020 was a transformational move for the bank. At a stroke it solidified its capital position – instantly neutralizing a perennial weakness. It also provided, perhaps, operational flexibility for future acquisitions in its Spanish home market.
But with the US contribution to profits (around 10% of the annual total) about to disappear and with a subdued Spanish business, BBVA is now tilting further towards Latin America.
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