Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 6

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 6
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 Patricia, and Ricardo and I— this morning. I’ve been in the job for seven years now, in this job for seven years regarding BBVA Mexico, our bank in Mexico. It has always been— and I would not comment otherwise— it has always been positive surprises over and over again, many times. Um, because BBVA Mexico, and the banking sector in general— but particularly BBVA Mexico— we have some structural advantages that are going to— you asked about resilience— that are going to ensure the resilience of our earnings. And I would give a few things. First of all, on the banking sector: we talk about it in the calls as well, Cecilia, as you know. But banking sector debt over GDP is 33% in Mexico. This is one of the lowest levels even in the emerging markets landscape. It is lower than Peru, lower than Colombia, lower than Brazil— which is 72% on that same metric, more than twice. 33% banking debt over GDP. It’s lower than Nicaragua— although Nicaragua is a wonderful market, I’m sure— but it’s lower than many other geographies in the footprint and in the emerging markets landscape. That helps the banking sector to grow healthily without creating too much cost of risk. That is why we have always grown in Mexico double digit, or slightly below double digit, many years— because of this low penetration level. This banking sector penetration— low banking sector level penetration— is something to register when you think about Mexico. But more importantly, in my view, again about the resiliency of earnings. I’ve seen many banks in my life because— I mean, I’m at BBVA for 14 years now, but before that I’ve seen many other banks in many geographies. What we have in Mexico is really unique. Because in banking, I measure the strength of the franchise with the cost of funding advantage versus competition, and with the position in hard-to-competecash flow transactional areas. Because if you are in those areas, good— you ensure the resiliency of the bank. In Mexico, we have 44% market share in payroll accounts. 44% in a country like Mexico. 44% of the salaries paid in the country— private sector, public sector combined— 44% goes through BBVA. Every month you receive that salary in the account of those customers. We have 39% market share in acquiring, in these POS machines. SMEs, companies— they do