Spain’s second-largest bank, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (NASDAQ: BBVA), is set to launch digital banking services in Germany, joining other global giants targeting Europe’s largest economy.
BBVA has been on a digital push in recent years as it seeks to compete with its larger local rival, Santander, and stave off increasing competition from digital financial platforms. In its homeland, the bank is selling 300 branches to focus on digital offerings.
BBVA has also experimented with its digital push in Italy, where it launched in the pandemic era and now boasts over half a million customers.
According to multiple outlets, Germany is the bank’s next destination. It has appointed Javier Lipuzcoa, who heads its Italian operations, to lead the new venture, reported Bloomberg, citing multiple sources.
Peio Belausteguigoitia, BBVA’s country manager for Spain, confirmed the bank’s ambitions this week, stating, “Logically, we are replicating the successful model we have had in Italy in the German …