Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 9

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 9
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, I’m Turkish, I’m very close to that market— as long as the team, the minister and the team that is in charge of the economy today, as long as they continue to do exactly what they have been doing, I see that possibility of Turkey— and Turkey going off rails— much lower. I’m typically very negative on Turkey— people here know me around this— but in the last two years, what I’ve seen in terms of what they are doing has been... it has been the right things to do. So I’m quite positive on the fact that that possibility of that derailing is not going to happen. But let’s assume, as you say— I mean, yesterday also they announced the medium-term plan of the country— they are expecting 28.5% inflation this year, 16% next year, 9% in 2027, 8% inflation in 2028. A bit optimistic, I would say, but still, the intention and the strength that they put into their words— how they will deliver this disinflationary path— is what counts. I think it’s very positive. So in general, as long as the team stays in there, I’m quite positive that it’s going to be fine. But if it doesn’t happen as such, as you say— going back to your question, let me not mutilate your question— the thing that differentiates BBVA is, wherever we are, we are either number one or number two bank in the big countries. We are number one in Mexico, number two in Turkey, we are number two in Peru, and so on. In Turkey we have, in our view, the best bank in the country. The return on tangible equity of our bank in Turkey is much above the average of the industry— the average of other private banks. If Turkey doesn’t go on this path of normalization, but something else, the only thing I can tell you is that— being the best bank in the country in terms of returns, the strength of the franchise— we will always deliver value. In my view, the best thing about banking is— anyone can attack it. The good thing about banking is that the banking sector has to be alive for the economy to be alive. Which means, if you have a positive premium— and in the case of Turkey, this positive premium is very large versus the average of the industry— whatever the conditions are, as long as, again, the country is not in a full crisis mode