BBVA will increase the number of SMEs it will support to 80,000 in 2023.

Among its goals for 2023, BBVA has set the expansion of its services small and medium enterprises spanish. He put the numbers. It will increase the number of new small and medium-sized enterprises that will be supported to 80,000. The CEO of BBVA Spain expressed himself in these words Peio Belausteguigoitia in a public act in which he spoke about the role that banks play in the development of the economy, not only for investments and financing, but also for monitoring clients, both individuals and companies, explained the manager.

“The role of banks in the transformation of society is very relevant,” said Peio Belausteguigoitia, who added that the financial industry is a strategic provider for companies and individuals. In this sense, this head of BBVA emphasized that the bank will continue with this strategy of increasing the number of small and medium-sized enterprises it works with by 80,000, primarily aimed at organic growth.

Thus, he reminded that 2022 BBVA was the entity that captured the most private clients: more than million. In addition, according to data from the Bank of Spain, its share in business balances increased by 97 basis points, and consumer balances by 107 basis points. In terms of means of payment, the acquisition fee increased by 75 basis points and the issuance fee by 30 basis points last year.

Regarding the economic context and interest rates, Peio Belausteguigoitia stated during his speech that the sector is facing a situation normalization of monetary policy. However, he explained that this rate increase have more limited impact on the mortgage portfolio than a few years ago, because 75% of mortgages with a variable interest rate are older than 10 years (with data at the end of 2022), and in the last five years 80% of new mortgages created were contracted with a fixed rate.

It was also indicated that, according to the data, Mortgages in Spain are not more expensive than in Europe. The difference between the countries is due to mixed portfolios (fixed or variable) because so far in Spain the largest percentage of mortgages correspond to variable rates.

About creation Client Protection AuthorityPeio Belausteguigoitia indicated that banks are in favor of taking all necessary measures to protect clients, and he explained, regarding the future creation of this body, that it would be positive to evaluate what other countries have done to the EU, where the entities themselves finance this body.

The general director also reminded of that The banking sector is one of the most regulated, with numerous inspections and audits, which guarantee the proper functioning of the industry. He also explained that he did one of the most competitive and with the highest level of competitionwhich is very positive for the client because “it forces the banks to be better, and ultimately benefits both the individual client and the companies”, he concluded.