April 15, 2021

Torres (BBVA) on the Villarejo scandal: "Let the investigation do its job" | Economy

Torres (BBVA) on the Villarejo scandal: "Let the investigation do its job" | Economy

The president of BBVA, Carlos Torres, has made the first official statements since they met the eavesdropping done by ex-commissioner Villarejo for BBVA, through a video, on the occasion of the presentation of the 2018 results. "Regarding BBVA's relationship with the Cenyt Group", the ex-police company that has been in prison for extortion for more than a year, " a thorough and exhaustive investigation has been commissioned and is being carried out by third parties, the bank will act with absolute rigor and diligence, and in this sense it is very important that we let the investigation do its job ".

The BBVA has admitted having made payments of more than five million euros to Cenyt for 14 years, although it has stated that everything was done in a legal manner, under the chairmanship of Francisco González, (today's honorary president of the bank), and when the Carlos Torres himself was CEO. Torres was appointed CEO in 2015 and the relationship with Cenyt was maintained until at least 2017.

In June 2018, the bank opened an investigation that it is carrying out with the help of two law firms, Garrigues and Uría, as well as the auditor PwC, which has contributed some 40 people. The ECB has asked BBVA for speed and transparency in the resolution of this issue because it understands that it affects the reputation of the sector and the entity. The CNMV also analyzes it, while the National Court and the Anticorruption Prosecutor's Office have opened investigations.

Results presentation

Torres has made these statements in a video distributed by the entity on the occasion of the presentation of its 2018 results. BBVA obtained a net profit of 5,324 million euros in 2018, 51.3% more than a year earlier, thanks to capital gains on the sale of its business in Chile (663 million euros) and despite the fall in the results of its bank in Turkey, whose profit has decreased by 31%. %. This profit figure means returning to the level of 2007, before the crisis, and they are the second best in the history of BBVA.

By geography, Mexico contributed 41% of the result, with 2,384 million (up 9%), while Spain accounted for 25%, with 1,522 million (10.8% more), the United States 12.6%, with 735 million (51% more), South America 10.2%, 591 million (31% less) and Turkey 9.8%, 569 million, (31% less). The crisis in Argentina has resulted in losses of 266 million in the BBVA subsidiary in that country.


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