BBVA Plans to Double Investment Banking Revenues by 2029
MADRID (Reuters) - Spain's BBVA plans to double revenues in its corporate and investment banking unit in the next few years as part of a new strategy to be announced later in 2025, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The unit in question finished last year with a record revenue of 5.8 billion euros ($6.33 billion), a rise of 22% compared to 2023. Total revenue at Spain's second-largest lender by market value reached almost 35.5 billion euros in 2024.
Bloomberg reported that BBVA, which has announced a 12-billion-euro hostile takeover bid for Sabadell, is likely to say it wants to achieve the new revenue goal at its investment banking business by 2029.
The growth push will be underpinned by fresh hiring and include a plan to substantially boost the size of BBVA's Brazil office, unidentified sources cited by Bloomberg said.
A spokesperson for BBVA declined to comment.
($1 = 0.9168 euros)
(Reporting by Jesús Aguado; Editing by Mark Potter)
