Spain’s second-largest bank, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (NASDAQ: BBVA), is set to launch digital banking services in Germany, joining other global giants targeting Europe’s largest economy.
BBVA has been on a digital push in recent years as it seeks to compete with its larger local rival, Santander, and stave off increasing competition from digital financial platforms. In its homeland, the bank is selling 300 branches to focus on digital offerings.
BBVA has also experimented with its digital push in Italy, where it launched in the pandemic era and now boasts over half a million customers.
According to multiple outlets, Germany is the bank’s next destination. It has appointed Javier Lipuzcoa, who heads its Italian operations, to lead the new venture, reported Bloomberg, citing multiple sources.
Peio Belausteguigoitia, BBVA’s country manager for Spain, confirmed the bank’s ambitions this week, stating, “Logically, we are replicating the successful model we have had in Italy in the German market (…) where we hope to have a digital bank by 2025.”
BBVA joins a rising number of global banks targeting the German market. American giant JPMorgan (NASDAQ: JPM) is expanding its presence in the country and plans to offer digital consumer banking. Dutch bank ING (NASDAQ: ING), which has a significant customer base in the country, is also expanding its digital presence. BBVA’s top rival, Santander, also recently partnered with Apple (NASDAQ: AAPL) to offer financial services to German consumers.
However, it might be an uphill battle for BBVA and its peers, says Peter Barkow, the founder of Dusseldorf, Germany-based Barkow Consulting. He believes Germans are already overbanked, and it would take great incentives to lure them away from their banks.
“Germans tend to get divorced more frequently than they change accounts,” he stated.
On the digital assets front, BBVA’s Turkish subsidiary, Garanti BBVA, launched a digital wallet a week ago, the first of its kind in Turkey. Çağrı Süzer, the bank’s vice president, stated that the bank “will continue to grow by adding to our diversity of assets and our service infrastructure in the future.”
Watch: Centi: Bridging digital money and traditional banking
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
6 Pack Cord Organizer Spring Cable Holder Clips - Desk Cable Management Clips, Adhesive Wire Keeper for Phone Chargers, Nightstand, Wall, Car, and Office -Black
(as of December 15, 2024 19:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
PULIDIKI Car Cleaning Gel Detailing Putty Interior Cleaner Slime Car Accessories Stocking Stuffers for Men Women Teens White Elephant Gifts for Adults
$5.59 (as of December 15, 2024 19:32 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
OLIGHT Oclip Pro EDC Flashlight Clip-on Light, Rechargeable Flashlights 500 Lumens with Triple Lights Type-C Charging, Portable Magnetic Light for Signaling, Cycling, Outdoor or Indoor Uses(Black)
$39.99 (as of December 15, 2024 19:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Hearth and Homestead: Handmade "Blue Outback" Australian Whipped Tallow Balm with Emu, Jojoba, Sandalwood, and Blue Cypress - 1.3 oz -
$29.99 (as of December 15, 2024 19:10 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
