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BBVA Lawsuit: Unlikely To Be Credit Event

FINANCIALS

BBVA (Baa2 dev/BBB+/BBB+) reported facing “potential trial” over bribery and corporate espionage. Appears unlikely to be near-term credit event, especially after positive 1Q24 results.


  • Reuters is reporting BBVA, and former Chair Francisco Gonzalez, are facing a potential trial in Spain. This is not new, investigations reportedly started in Jul-19, but “oral proceedings” are, apparently, imminent.
  • Considering BBVA is currently attempting a hostile takeover of Sabadell, drawing the ire of Spanish politicians, we wonder if the timing is purely coincidental. 1Q24 results, reported on 29-Apr, were positive with a good earnings upgrade potential driven by strong revenues and stable NPLs.
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