Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 8

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 8
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BofA:And I’m going to say on Mexico, you’ve already been positive also when things looked a bit more ugly than today. Another region where we’ve been positive and we’re actually starting to see growth really pick up has been Spain, and it’s been one of the fastest economies in developed markets this year. We’re clearly seeing this growth across every line in European oil. And you’ve been getting market share, sort of targeting low growth above mid-singledigit, which is, you know, quite above the rest of the market. Now, can you talk a little bit more about what you’re seeing about business as well as the competitive dynamics in the market and to what extent these market share gains can come without compromising pricing discipline?

| [00:19:02 |     | - |     | 00:22:44] |

OG:Okay. So I’m watchful all the time. So maybe I focus more on the market share because overall the market is doing well and everyone knows it. So let me not spend too much time on that one. But in terms of market share, again you are right, we are gaining market share, but not everywhere. You might have seen it in the figures — except mortgages. We are gaining market share everywhere, but in mortgages we don’t, because there are certain parts of the business that we feel… Again, we are very capital return oriented. We look into every single loan, as I said, and we also look into it at the portfolio level, at the product level. As it stands, the pricing levels — it’s a very price-sensitive product. That price sensitivity, in my view, doesn’t exist in any other part of the business. Because when you buy a home once or twice or maybe three times in a lifetime, but you buy it very infrequently. And when you do that, you look around, you shop around, you have advisers to help you on that, and so on. So price becomes a very relevant metric. And in that very price-sensitive product, some of our competitors, in our view, are very aggressive. And that’s why we are a bit out of the market. But beyond that, we have gained market share, and our intention is to keep doing that. On average, in total lending book, we gained in the last four years 30 basis points every year. And we will keep doing that for a reason, because number one, we are growing especially in companies segment. In