BBVA : Less fun to stay at the BBVA; credit opinion and recommendations lowered
The outlook for BBVA is less cheerful than the Village People song. The resurgence of the pandemic during the later summer is a threat to banks operating environment even though government answers will likely be designed to try to protect economic activity from a second harsh hit. While also true for peers, the threat is exacerbated by BBVA’s exposures to countries hard hit by the pandemic. Future economic developments look uncertain in Mexico (30% of 1H20 group revenues), Turkey...Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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